Settlement Of Mortgages

Ssanthan- have you got anywhere on your settlement? It should have went to charge off by now. I did not get them to a good settlement to almost a month after charge off. Keep us posted and good luck.

Ten Ho- You will receive a 1099 for the debt forgiven. then you have to use a tax guy to try and cut it down to little or nothing by showing you put the HELOC money in the house. At least that is what a few Tax guys have told me. Hope that helps.

Anybody out there had any success on a modification from First Horizon??

Trying to Settle in Cali

Thanks for Checking. Mine is exactly one month past charge off. Right now i have brought them to 25%($28,000). I am willing to settle upto 18%($19000). I have an offer to them for 15% and they have not comeback yet. So i am currently working with them on a settlement. Not sure if they will come down to what i want. If they dont come down to 18%, i am thinking of stopping to work with them and see if i can work with any CA, because my HELOC is a purchase money in California. So i a have some protection.

I got my First Modified and got an inhouse mod similar to HAMP rates. So i am happy with the 1st. So its in my best interest to settle the HELOC. Lets see where this goes. i will update my progress.

Trying to Settle in Cali

I dont have First horizon. My 1st was with Citimortgage.

Trying to Settle in Cali

Did you receive the lien removal letter from the County.

Hi -
I'm also trying to start negotiations with Wells Fargo to settle my Home Equity Loan (I have a 1st loan with IBM LBPS). I'm not sure how it'll work out. I've been current on all my payments until now, however I'm finding it very tough to make the minimum payments. I have a question to anyone who is trying to settle with Wells Fargo. They sent me a email with the docs that are required to be submitted to start negotiations. They also sent an attachment of a Financial Statement (pdf) doc which I need to supposedly fill up and send them along with the other docs. Has anyone filled this doc or made your own financial statement (which basically should list one's assets/debts). Can anyone of you shed some light if you did get such a pdf doc to be filled out and if you did, did you use that or prepare your own statement. Any help would be greatly appreciated. I'm concerned mainly since this doc wants me to list my IRA/401K information. I don't want to do that as they may expect me to liquidate those assets (I have about 35K in both IRA/401K combined) towards settlement and I cannot afford to do it. I owe about 72K and I'm planning to make an initial offer of about 18K which I have in liquid assets.
Thanks,
SK

They have rejected my 16% offer and insisting 25%. So now i am just going to wait and may be call them in 1 month and see where they stand.

People who have had success settling has done it after charge off. It depends where you are in your loan payment. Are you behind? Are you Current?. Also both ball_mich and Trying to Settle in Cali did not provide any financial information. If you give the financial information i would assume that they would want most of what is in there. Also your offer seems to be more than 20% i.e initial offer. i would think if they settle they would eventually make you raise the offer to much higer terms. May be you can start at 10% and work your way up

Just an update for ball_mich and everyone: I settled my WF HELOC back in June/July 2010 for about 20% in 12 payments. I was unable to keep up with the monthly payment because I settled $250k in debt this year and used up all resources. The settlement terms stated that if I failed to pay as agreed, the settlement would be cancelled and all money paid would simply apply to the original balance of the HELOC. Much to my pleasure and surprise, when I called them and told them I needed to change the amount of the monthly payments, they accepted my revised offer of 5% over 6 months and 15% lump sum (at bonus time). We do still live in the home and are in trial HAMP modification on the first.

Everyone.

I am still working on my settlement. I have gone up to 17.5%, still WF is firm on 25%. I am now going to stay still and see what happens. Will let you know about my progress.

We agreed to a settlement for 17.5%. I Sent them the money and they said they will wait for 30 days and then send the info to Credit bureas, IRS, Lien removal. For people who have already settled, how long did it take to get the lien removal letter from the county.

i would really like to thank everyone who provided their valuable input during this whole process. Now i have to start working on my CC's.