Wells Fargo Lot Loan Default in SC


LoanSafe Member
Oct 11, 2013
Hello! I'm new to the forum and wish I had found this sooner...

I was talked into buying 2 separate lots in Myrtle Beach SC for $130+K and $190+K in order to flip them, right before the market tanked.

Both were interest only balloon loans with Wachovia, currently Wells Fargo, which I defaulted on 2 years ago per the advice of legal counsel.

My attorney has tried contacting the bank for 2 years straight to try to work out some sort of loan modification on this worthless land to no avail. Each lot is assessed at about $20-$30K.

I would really like to avoid bankruptcy. In the two years that I've been trying to settle, I have had a child, lost a job, began working as a consultant.

I'm a New York resident with an investment property in New Jersey that has equity in it solely in my name. My wife owns the primary residence and savings account solely in her name. Any and all advice/success and other stories are much appreciated...