Underwater Mountain House

I love living in Mountain House, but even I – the dreamer that I am – cannot stay silent about what most of us Mountain Housers are going through.

Our community is severely underwater. And no, there wasn’t a big flood. By underwater, I mean 99.9% of us owe more on our mortgages than our homes are worth. Our town was even featured in The New York Times in 2008. Two years later, many of us in Mountain House are still trying to recover.

And I’m no exception. I’ve been trying to work out a loan modification with my lender Wells Fargo since February 2009. Amazingly, it’s 12 months later! And no movement on a loan modification. Since we’ve bought our home, we’ve been hit by the recession just like many American families. Our income has been reduced, while our expenses remain fixed. (Sidenote: With Mountain House’s higher tax rate and utility costs, our monthly expenses are probably higher than if we lived in Livermore or Hayward.)

To say the least, working with Wells Fargo has been an adventure. I received two loan modification approvals – May and June 2009, only to be informed the bank’s loss mitigation never settled the modifications. I sometimes stare at the paperwork I signed and sent via UPS and wonder why Wells Fargo can’t explain to me why the loan modifications didn’t go through. The Executive Office of Wells Fargo has been pleasant on the phone, but as of this posting, my loan continues to be in the “Under Review” stage. I’ve faxed so much paperwork to Wells Fargo I’ve memorized their loss mitigation and Executive Office phone numbers! I’ve complied with all of their requests for paperwork, only to have them keep my file “under review.”

Since January 2010, I’ve been working with The Neighborhood Assistance Corporation of America (NACA). As of this posting, NACA has submitted my paperwork to Wells Fargo. I haven’t received a reply yet from the bank, so I’m still playing the waiting game…

…13 months later.

My family and I love Mountain House and are hoping for the best. My son starts little league in March, and my two girls are finding their niche. My wife and I don’t want to leave. So when I think of writing on this blog, it’s hard to think about the future of the city I’ve grown to call home when the future of my family is in utter limbo. But don’t get me wrong, my family will be fine. We laugh everyday and whatever happens, happens for a reason.

For anyone else in a similar situation, I suggest checking out loansafe.org to read about other homeowners situations in their quest for a loan restructure. The success stories are truly inspirational and they keep me thinking positive.

We are exhausted fighting this battle privately, so I’ll do my best to keep this blog updated on our situation.