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?
Hi
-
If you read through my posting, I did deal with Wells Fargo. The facts
were I tried doing a modification, they rejected outright since I had
been current. So I don't think any one can say for sure, so you need to
be take a chance based on other people's experiences and most of us can
only guess what the outcome may be in your case. Having said that, after
my modification was rejected, I called up the settlement dept. and was
able to get things going. I was told to modify first and I had to prove
them my rejection from the loan mod dept. I provided all financial
statements except my 401K/IRA statements. They asked for it, I never
mentioned in my letter. One thing I do remember doing it for
sure....they had a standard doc they wanted me to fill out for applying
for a settlement which had lines for me to fill up my 401K/IRA funds. I
created my own statement, just a listing of my expenses, by segregating
credit card bills, monthly utilities, mortgage payments etc but never
listed retirement funds or provided statements. Like I've already said,
I was surprised with the movement of my case. Literally one month
exactly I had my settlement agreed upon. Just last week, received the
release of the 2nd lien from the county office as well. Hope this
helps.
Sub: #151 posted on Fri, 01/21/2011 - 16:55
Unregistered
Just
wanted to add to my above comment is as far as I can see the way banks
deal with a situation varies very much with every client. For the most
part, they will NOT settle if you are current, period! They will want
you to work with their loan mod dept. Also if the load mod is rejected,
that certainly gives you more leverage to settle and to my
understanding, WF seems to be very willing to settle the 2nd loan if it
is especially a non-recourse loan, of course first if you've been
rejected from a loan mod. The ball game may change completely if you've
been behind or defaulted altogether in which case you should be able to
settle and I'm pretty sure it depends on the contract (recourse or
non-recourse loan).
Sub: #152 posted on Fri, 01/21/2011 - 17:04
Unregistered
When I
purchased my home 5 years ago, I obtained financing through WF for both
1st (185) and 2nd (87), 270 on a house valued at 300. Now the house
values between 180-210. It appears from this thread that WF will settle
for 17-20-25%, depending upon circumstances. Can anyone provide sample
text of settlement offer letter? And suggestions on strategy to pursue
settlement of 2nd?
I have provided income statement, balance sheet (can afford 1st only,
have about 10-15K in assets besides house, including car)...
-Chuck
It's
great to see that this thread had some real legs after I stopped
posting. And even better to see that people had some success in getting
settlements. That's wonderful news.
I hope to be putting up a few posts over the next few day (or maybe next
week) in the credit repair area. I'm a little over 2 years past my
foreclosure now and waiting for the new HARP eligiblity requirements to
kick in (March 2012) so that I can refinance my current home. The new
HARP program removes the criteria regarding previous foreclosures, and I
think I should be eligible once that is gone.
In the meantime, I've been working on various attempts to clean up my
credit report... well, for a couple of years now, off and on. I wish I
could report I had a lot of luck in this regard, but it's been pretty
hit or miss and a lot of work.
So my goal is to put up some posts in the credit repair section and see
if there is a way we can help each other with out experiences in getting
these marks removed. Especially these foreclosures and Heloc
settlements.
If you read through my posting, I did deal with Wells Fargo. The facts were I tried doing a modification, they rejected outright since I had been current. So I don't think any one can say for sure, so you need to be take a chance based on other people's experiences and most of us can only guess what the outcome may be in your case. Having said that, after my modification was rejected, I called up the settlement dept. and was able to get things going. I was told to modify first and I had to prove them my rejection from the loan mod dept. I provided all financial statements except my 401K/IRA statements. They asked for it, I never mentioned in my letter. One thing I do remember doing it for sure....they had a standard doc they wanted me to fill out for applying for a settlement which had lines for me to fill up my 401K/IRA funds. I created my own statement, just a listing of my expenses, by segregating credit card bills, monthly utilities, mortgage payments etc but never listed retirement funds or provided statements. Like I've already said, I was surprised with the movement of my case. Literally one month exactly I had my settlement agreed upon. Just last week, received the release of the 2nd lien from the county office as well. Hope this helps.
Sub: #151 posted on Fri, 01/21/2011 - 16:55
Sub: #152 posted on Fri, 01/21/2011 - 17:04
I have provided income statement, balance sheet (can afford 1st only, have about 10-15K in assets besides house, including car)...
-Chuck
Sub: #153 posted on Mon, 11/14/2011 - 18:23
(Posts: 1 | Credits: )
I hope to be putting up a few posts over the next few day (or maybe next week) in the credit repair area. I'm a little over 2 years past my foreclosure now and waiting for the new HARP eligiblity requirements to kick in (March 2012) so that I can refinance my current home. The new HARP program removes the criteria regarding previous foreclosures, and I think I should be eligible once that is gone.
In the meantime, I've been working on various attempts to clean up my credit report... well, for a couple of years now, off and on. I wish I could report I had a lot of luck in this regard, but it's been pretty hit or miss and a lot of work.
So my goal is to put up some posts in the credit repair section and see if there is a way we can help each other with out experiences in getting these marks removed. Especially these foreclosures and Heloc settlements.
Sub: #154 posted on Thu, 01/19/2012 - 14:55
(Posts: 360 | Credits: )