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?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Interesting, I closed my PMA account and moved my bank account elsewhere. With my delinquent mortgage, HELOC, and CC at Wells, I was afraid they attach my bank account. So I can't speak to the PMA not showing the account, but I can say that I lost access to viewing the account online. I logged in, but the HELOC and mortgage accounts were no longer listed there (my credit card stayed though).
Anyway, I know when it charged off because when I called my settlement negotiator in the loss mitigation department, and she didn't answer like normal, I "zeroed out" to talk to another representative. That person said that I had already charged off, the day before, and I now needed to deal with the Recoveries department. Then they gave me the phone number for that department (800-361-9965).
Other than that, they didn't send any kind of notification of the charge-off. But they did tell me a couple of times that I'd charge off at the 180 day mark.
Sub: #61 posted on Wed, 08/26/2009 - 17:14ball_mich
(Posts: 360 | Credits: )
I have moved my deposits and money to other account but I let the PMA checking account open...I was able to see the HELOC account online until 2 weeks back but now its no longer there....I suspect they might have decided to charge it off.
I highly appreciate your replies. You have been very helpful.
Sub: #62 posted on Wed, 08/26/2009 - 17:30Unregistered
Can you double check the number you gave me....I tried calling that number but it doesnt seem to be the correct one. I called the Heloc settlement department again and they confirmed that my HELOC has been charged off. I wanted to get in touch with the recovery department to start the negotiation if I can....did you first call the recovery department or did they call you to settle?
Sub: #63 posted on Wed, 08/26/2009 - 18:03Unregistered
I tried to edit the orginal post to correct it, but it won't let me.
Although I can't remember for certain, I generally initiate all calls and rarely answer the phone for creditors. So I probably called them. Plus, I tend to make my calls early in the morning before I go to work, and since I'm in the PT zone it tends to work since Wells tends to work based upon the CT zone.
I spoke with Joe P. at x 15958 and found him to be a pretty straight shooter and easy to talk to.
Sub: #64 posted on Wed, 08/26/2009 - 18:28ball_mich
(Posts: 360 | Credits: )
I just called that number and its strange because the guy there said it has not been charged off yet and he wasn't sure why the other department said it has been charged off.
Also he said that there is no way they will take 10% and was threatening that Wells will pursue the money after foreclosure.....I told him that its purchase money and also you only have one action rule so they can sue me for deficiency.....if nothing I would go for bankruptcy to which he replied that we will get 20% out of bankruptcy...so we prefer that you go that route....He was kinda rude and trying to scare me.
Sub: #65 posted on Thu, 08/27/2009 - 09:53Unregistered
As far as mentioning BK, the most I said was that I'm doing what I can to avoid it. Just to let them know it's on the radar, but not in a way that could be construed as threatening or gaining leverage. In talking to my unsecured creditors I've tried to use the BK card, but it hasn't worked well for me. Generally they just say "fine" and tell them to give them my attorney's name and case nubmer when I do. So I really have stopped using that.
I would just stay consisent with your 10%, and once you actually charge-off, that might grease the wheels a little bit.
Sub: #66 posted on Thu, 08/27/2009 - 15:00ball_mich
(Posts: 360 | Credits: )
For HELOC, if they do not negotiate, I do not intend to keep the property. Am waiting on the first to give me an answer on the loan mod and then I might decided how to deal with them.
Man, this is very stressful! Its good that there are people like you out there who are willing to help.
Sub: #67 posted on Fri, 08/28/2009 - 08:40Unregistered
The last I spoke to them, the girl on the other end didn't seem to be all that knowing, telling me Nevada is a debt-forgiveness state. Had I been recording the conversation myself, I would have said thanks! and taken them to court had they tried to pursue me, as it was clear she didn't know what she was talking about.
I have told them I would like to settle, and got the same info (send your pay stubs, forms, etc. to a fax number). My condition is that I've been unemployed since April 1st, and started receiving unemployment benefits the first week in July because I had a severance package. Regardless, I don't intend to provide them with any financial information because I still need to a) move, b) settle with others, c) find a job.
The interesting thing I've noted is that they do settle, though it seems to be on a case by case basis. To me, this brings up all sorts of issues; understanding that no two cases are alike, the manner in which you're treated shouldn't differ--it should be consistent and if Tom in Nebraska settles for 10%, then Jane in New Jersey should be able, to. So, I'm wondering if push comes to shove, if it's worth threatening to take them to court over this as there surely has to be some unfair practices occurring. The girl whom I spoke to said they don't normally settle, but hey, the facts say otherwise.
Sub: #68 posted on Wed, 09/02/2009 - 16:54Unregistered
I don't think you'll get anywhere with that. They don't HAVE to settle with you at all. Further, YOU are under contract to repay a sum of money to them. If anyone gets sued in this equation, it's likely to be you, unless they somehow violate your rights in their collection efforts. In my experience with Wells, they always worked above the line, so to say.
If you are going to threaten a lawsuit, you are probably better off citing RESPA and/or TILA violations. That would probably get you the best traction, if you are wanting to threaten them with a lawsuit.
In the mean time, just be aware that they aren't going to jump at the chance to settle with you. To get the best settlement possible, you really need to wait until your account charges off, in my experience, otherwise the other departments may not have the authority to settle the debt (or at least not for the balance you've seen in this thread).
Sub: #69 posted on Wed, 09/09/2009 - 13:52ball_mich
(Posts: 360 | Credits: )
Sub: #70 posted on Thu, 10/08/2009 - 12:48Unregistered