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?
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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 - 11:51Unregistered
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 - 11:56Unregistered
I dont have First horizon. My 1st was with Citimortgage.
Sub: #133 posted on Tue, 09/28/2010 - 11:58Unregistered
Did you receive the lien removal letter from the County.
Sub: #134 posted on Tue, 09/28/2010 - 12:07Unregistered
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.
Sub: #135 posted on Wed, 09/29/2010 - 12:22Unregistered
Sub: #136 posted on Wed, 09/29/2010 - 21:53Unregistered
Sub: #137 posted on Wed, 09/29/2010 - 21:57Unregistered
Sub: #138 posted on Sat, 10/23/2010 - 19:05dantheman
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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 - 21:25Unregistered
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 - 14:09Unregistered