Has anyone settled or been sued for Wells Fargo HELOC?

Well, if Wells Fargo decides they can sue you for the amount and if you want to avoid that you may wish to make a settlement proposal to them.

Hi dan
my guess is that you will get a good settlement offer from wells
especially if you are really upside down on your mortgage.

I have heard , on other web sites of 5% - 10% settlements on underwater 2nds

if you have equity in house.... then it will be much more difficult to settle

last one to settle ! that is great ! congrats

My understanding is that once you have reached the foreclosure stage (which in my state is 120 days late), they will pull the credit report and see if you are current on the first, then they will do a BPO to figure out if there is any equity in the property. If you are upside down they will most likely settle with you or they just wait it out until property values go back up.

On the short sales I have done the 2nd usually gets so little it's pathetic. A 10% settlement would be more than the first mortgage holder will give them when they short sale it. In a foreclosure they will probably be completely wiped out so they are unlikely to pursue foreclosure. They realize they are better off just waiting it out or if behind on the first mortgage, let them do the foreclosure and not spend any further money on collection.

Let us know how it goes. Unlike unsecured debts, they have the privilege of just waiting and looking at it again a year or two from now.

I am being sued by WF on a HELOC in Florida. The interesting thing is that they are suing me based on breach of contract, unjust enrichment and account stated - not a a foreclosure. My understanding was always that a HELOC is like a huge credit card sitting on your house. If it was a straight foreclosure, I would be better equipped to handle the lawsuit. But since it is a HELOC and I unsure of the best way to defend.
The first lien holder has not sued me yet (but it is on the way) and I currently have the house listed for sale. if anyone has some advice on how to handle this, I would greatly appreciate it.

Well, I was able to settle this HELOC. It was shortly after charge off. They offered me 60% by mail. I countered with 10 and settled about 20%. This causes me to believe that since you are now in litigation they will settle with you. This is why I settled...the fear of lawsuit. btw, my settlement was strung out over about 7 months.

Have WF HELOC only, no first. Found they waited 2 years (ask for 3 years straight) to lower my interest only loan to the Index. Finally, cut payment amount in half. But, will not refund overcharge for the 2 year that they could have reduced the amount. Any similar activity?