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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?




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: #101 posted on Fri, 06/18/2010 - 07:18

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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?

Sub: #103 posted on Wed, 06/23/2010 - 14:18

dantheman dantheman
Moderators Cum Industry Expert
(Posts: 860 | Credits: )

Quote:
Originally Posted by dantheman
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.

Sub: #104 posted on Wed, 06/23/2010 - 16:51

ball_mich ball_mich

(Posts: 360 | Credits: )

Quote:
Originally Posted by Anonymous
Ball-Mich- Did you receive a 1099 after you settled? Thanks again for all your great posts.


Yes - I received a 1099.

Sub: #105 posted on Wed, 06/23/2010 - 16:56

ball_mich ball_mich

(Posts: 360 | Credits: )

Quote:
Originally Posted by Anonymous
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...

Sub: #106 posted on Wed, 06/23/2010 - 17:01

ball_mich ball_mich

(Posts: 360 | Credits: )

Quote:
Originally Posted by Anonymous
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.

Sub: #107 posted on Wed, 06/23/2010 - 17:06

ball_mich ball_mich

(Posts: 360 | Credits: )

Quote:
Originally Posted by Anonymous
Trying to Settle in Cali

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

ball_mich ball_mich

(Posts: 360 | Credits: )

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?

Sub: #109 posted on Fri, 06/25/2010 - 16:07

Unregistered


I forgot to mention i am in California.

Sub: #110 posted on Fri, 06/25/2010 - 16:10

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