I have 2 mortgages that if the lenders would settle for 50%? 75%? would consider paying off. The loans are not in arrears and never have been. Both amount to around $100,000 each so have an encentive to pay off. Is this possible?
I will let you know how it goes. So far i have sent them settlement
letter and no response from them. I will have to wait another 2 months
to approach them. In the mean time if they approach me i will let you
know.
Sub: #101 posted on Fri, 06/18/2010 - 07:18
Unregistered
Trying to Settle in Cali
I will let you know how it goes. So far i have sent them settlement
letter and no response from them. I will have to wait another 2 months
to approach them. In the mean time if they approach me i will let you
know.
Sub: #102 posted on Fri, 06/18/2010 - 07:19
Unregistered
Hi
Folks, Regarding my $100k HELOC with Wells Fargo (underwater), I
received an offer to settle of 60% of the balance at 180 day charge off.
Now at 2 months after charge off, I received a FEDEX letter with an
offer to settle at 30% and it appeared to offer to accept it in
payments. I can only afford 15% over 6 months. Can anyone advise me or
share your experience as to how I may get to that
figure?
Hi Folks,
Regarding my $100k HELOC with Wells Fargo (underwater), I received an
offer to settle of 60% of the balance at 180 day charge off. Now at 2
months after charge off, I received a FEDEX letter with an offer to
settle at 30% and it appeared to offer to accept it in payments. I can
only afford 15% over 6 months. Can anyone advise me or share your
experience as to how I may get to that
figure?
I recommend talking to someone in the Recoveries Group. Did the letter
give you a number to call? I personally believe they have the latitude
to settle for less and if you can get them on the phone and show
sincerity and apologize for not being able to pay, that you will get
likely work better than exchanging letters.
Things I commonly told them were that I wanted to make sure I stayed in
touch with them, which is why I was calling them weekly. I didn't want
them to think I was avoiding my obligation to pay them. That I was
still trying to come up with the funds, mostly through borrowing from
family members, but was coming up a little short. Then I told them what
I had to settle with. If they said no, I just said that I understood
and that I would stay in touch and see if I could find another way to
come up with funds.
My Heloc
was not a purchase money loan and I wonder if I should just settle for
the 20% to be done with it? Did they send a 1099 for the
difference?
Well, it's hard to make that kind of recommendation because I am not in
your shoes, but generally speaking 20% is a pretty nice settlement
offer. I would do my best to plead for understanding and offer 17% and
see what happens. If that doesn't work, I'd probably call back in a day
or two and accept the 20%. But that's me...
As i said
earlier it has been 4 months since i have paid and i have not talked to
them yet. WF online does not allow me to login and look at my account,
dont know what that meands. I guess i have to wait 2 more months to go
until charge off to start working with WF on a settlement i guess.
I would not just sit back and wait. If they aren't calling you and
you've already been locked out of your internet login, that's not a good
sign. I'd pick up the phone and call them to "apologize" and tell them
that even though you aren't paying you want to stay in contact.
I think communication is critical in this process. The fact that they
aren't calling you like clockwork every 3-5 days is pretty unusual and I
while I understand why you'd not want that happening, it's probably also
important to know that your account hasn't slipped in a crack or
something.
Another Question. Did they also release the lien on the property, apart
from considering the account being settled. I am just curious as to how
the wording on the final settlement looked
like.
I don't have the letter(s) in front of me, but yes they released the
lien on the home. I think I got a separate letter to that end stating
that it had been released, but can't recall for certain without going
through my files.
Hello,
I've been trying for 3 months now to settle my Second with Wells and no
luck.(it is not a HELOC just a home equity loan) I did everything the
bank told me by sending in tax returns and income documents and now they
are telling me that they will not accept my offer of 17%, because they
feel I can afford the payment. Instead they offered to modify my
payment, but that payment along with my first is almost 50% of my income
and is unaffordable. I really wish I had ran across this blog before I
sent all my personal info to them because as ball mitch said, they don't
need this info for a settlement.
I am current on my first, which was modified by wells a few months ago.
The property is underwater 120k and I owe 82k on my second. I am almost
180 past due and it will charge off next week and am terrified of the
fact that since it is a recourse loan and they have all my personal
info, they may file a judgment on me. Whats the likely hood of this?
Will it be easier to settle after charge off?
Dantheman- did you send wells a settlement offer any time before they
charged off?
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I will let you know how it goes. So far i have sent them settlement letter and no response from them. I will have to wait another 2 months to approach them. In the mean time if they approach me i will let you know.
Sub: #101 posted on Fri, 06/18/2010 - 07:18
I will let you know how it goes. So far i have sent them settlement letter and no response from them. I will have to wait another 2 months to approach them. In the mean time if they approach me i will let you know.
Sub: #102 posted on Fri, 06/18/2010 - 07:19
Sub: #103 posted on Wed, 06/23/2010 - 14:18
Moderators Cum Industry Expert
(Posts: 860 | Credits: )
I recommend talking to someone in the Recoveries Group. Did the letter give you a number to call? I personally believe they have the latitude to settle for less and if you can get them on the phone and show sincerity and apologize for not being able to pay, that you will get likely work better than exchanging letters.
Things I commonly told them were that I wanted to make sure I stayed in touch with them, which is why I was calling them weekly. I didn't want them to think I was avoiding my obligation to pay them. That I was still trying to come up with the funds, mostly through borrowing from family members, but was coming up a little short. Then I told them what I had to settle with. If they said no, I just said that I understood and that I would stay in touch and see if I could find another way to come up with funds.
Sub: #104 posted on Wed, 06/23/2010 - 16:51
(Posts: 360 | Credits: )
Yes - I received a 1099.
Sub: #105 posted on Wed, 06/23/2010 - 16:56
(Posts: 360 | Credits: )
Well, it's hard to make that kind of recommendation because I am not in your shoes, but generally speaking 20% is a pretty nice settlement offer. I would do my best to plead for understanding and offer 17% and see what happens. If that doesn't work, I'd probably call back in a day or two and accept the 20%. But that's me...
Sub: #106 posted on Wed, 06/23/2010 - 17:01
(Posts: 360 | Credits: )
I would not just sit back and wait. If they aren't calling you and you've already been locked out of your internet login, that's not a good sign. I'd pick up the phone and call them to "apologize" and tell them that even though you aren't paying you want to stay in contact.
I think communication is critical in this process. The fact that they aren't calling you like clockwork every 3-5 days is pretty unusual and I while I understand why you'd not want that happening, it's probably also important to know that your account hasn't slipped in a crack or something.
Sub: #107 posted on Wed, 06/23/2010 - 17:06
(Posts: 360 | Credits: )
Another Question. Did they also release the lien on the property, apart from considering the account being settled. I am just curious as to how the wording on the final settlement looked like.
I don't have the letter(s) in front of me, but yes they released the lien on the home. I think I got a separate letter to that end stating that it had been released, but can't recall for certain without going through my files.
Sub: #108 posted on Wed, 06/23/2010 - 17:08
(Posts: 360 | Credits: )
I am current on my first, which was modified by wells a few months ago. The property is underwater 120k and I owe 82k on my second. I am almost 180 past due and it will charge off next week and am terrified of the fact that since it is a recourse loan and they have all my personal info, they may file a judgment on me. Whats the likely hood of this? Will it be easier to settle after charge off?
Dantheman- did you send wells a settlement offer any time before they charged off?
Sub: #109 posted on Fri, 06/25/2010 - 16:07
Sub: #110 posted on Fri, 06/25/2010 - 16:10