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?
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??
Sub: #131 posted on Thu, 09/23/2010 - 11:51
Unregistered
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.
Sub: #132 posted on Tue, 09/28/2010 - 11:56
Unregistered
Trying
to Settle in Cali
I dont have First horizon. My 1st was with
Citimortgage.
Sub: #133 posted on Tue, 09/28/2010 - 11:58
Unregistered
Trying
to Settle in Cali
Did you receive the lien removal letter from the
County.
Sub: #134 posted on Tue, 09/28/2010 - 12:07
Unregistered
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
Sub: #135 posted on Wed, 09/29/2010 - 12:22
Unregistered
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.
Sub: #136 posted on Wed, 09/29/2010 - 21:53
Unregistered
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
Sub: #137 posted on Wed, 09/29/2010 - 21:57
Unregistered
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.
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.
Sub: #139 posted on Sat, 10/23/2010 - 21:25
Unregistered
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.
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??
Sub: #131 posted on Thu, 09/23/2010 - 11:51
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.
Sub: #132 posted on Tue, 09/28/2010 - 11:56
I dont have First horizon. My 1st was with Citimortgage.
Sub: #133 posted on Tue, 09/28/2010 - 11:58
Did you receive the lien removal letter from the County.
Sub: #134 posted on Tue, 09/28/2010 - 12:07
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
Sub: #135 posted on Wed, 09/29/2010 - 12:22
Sub: #136 posted on Wed, 09/29/2010 - 21:53
Sub: #137 posted on Wed, 09/29/2010 - 21:57
Sub: #138 posted on Sat, 10/23/2010 - 19:05
Moderators Cum Industry Expert
(Posts: 860 | Credits: )
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.
Sub: #139 posted on Sat, 10/23/2010 - 21:25
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.
Sub: #140 posted on Thu, 10/28/2010 - 14:09