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?
Were the 2 loans your buddy had were with the same bank. From what i
have read so far the Second usually charges of the loan and only under
rare circumstances do they foreclose. I have read where 1st and 2nd were
with the same bank and the second one foreclosed.
Thanks,
ssanthan
I understand that for these homes, the 2nd was a different lender than
the 1st lien holder.
ssanthan-I am also behind on the first which is
not with Wells Fargo, we are trying to save our home and hoping for a
modification on the first. We are very pleased to have settled at 19.28%
with Wells Fargo. That Frees up $50k in equity for the future.
It took til after charge off until they would even talk about a
settlement lower than 65%. The number I would call to talk with Wells
Fargo is (800)361-9985. I hope this helps. Good luck and keep us posted
of your success.
Ball-Mich- Did you receive a 1099 after you settled? Thanks again for
all your great posts.
Sub: #92 posted on Fri, 06/04/2010 - 15:14
Unregistered
Trying
to Settle in Cali
Congrats first and Thanks a lot for the information. I am 1 month behind
on my 1st and working with citi to do the modification.
As i said earlier it has been 4 months since i have paid and i have not
talked to them yet. WF online does not allow me to login and look at my
account, dont know what that meands. I guess i have to wait 2 more
months to go until charge off to start working with WF on a settlement i
guess.
I will keep posted on my progress
Sub: #93 posted on Mon, 06/07/2010 - 15:35
Unregistered
Trying
to Settle in Cali
Another Question. Did they also release the lien on the property, apart
from considering the account being settled. I am just curious as to how
the wording on the final settlement looked like.
Sub: #94 posted on Mon, 06/07/2010 - 15:47
Unregistered
i have
sent my settlement offer to wells 2 months back for my heloc, today i
was told that it will be assigned to negotiator. i am not behind on my
2nd, but behind on my 1st.
was told to call after one week to get an update.i have 65k heloc,
my total loan amount 1st 567k and 2nd 65k. i took both these loans to
purchase the home. not sure if 2nd is considered purchase loan. not sure
wht laws applies to state of Virginia
Sub: #95 posted on Thu, 06/10/2010 - 12:17
Unregistered
ssanthan- First off sorry it took so long for me to
respond, I try to get on here at least every other day but I have been
out of town. I seriously had no success settling until after charge off,
so like you said you will have to prob wait another couple of months.
They will try and settle with you for 65% and go from there. Just to
give you a heads up, I was almost 12 months behind on the first and I
told WF we were going to Foreclose it. Reason i did that even though I
am trying for a Modification is if they think you are going to lose the
home they know as being the second lien holder and its way up side down
they will not get a dime from it. Not sure if that tactic was what made
the settlement work or not. But just another tool for your bag to have
against them.
They will eventually ask you to make an offer for settlement. I
originally sent in my offer of $2k and they never even returned or
countered on that offer because it was way to low. Thats when I got a
jerk of a manager that said send in an offer of 10% and it would settle.
Week went by and I could not get ahold of him and heard nothing. I
finally got a very sweet lady that said the 10% was declined and she
would love to work with me to find out what WF would settle for. Thats
when believe it or not someone in the Banking industry actually called
back and she said she got a managers approval to settle for 19.28%
I said you will not get a dime until i have it in writing. I made them
fax it to me since it takes 10 days to get anything in the mail from
them. After I received it and read the letter, I told them I would be
able to pay in one week after I got the document. Reason being they want
a day you will pay for them to call you and get check by phone.
In a nut shell the letter read- This letter confirms WF has agreed to
settle above debt for 19.28% writing off the remaining $43,000. Upon
payment WF will consider the obligation settled and report in to the
Credit agencies as such. i was then told after 30 days I would receive a
letter confirming the lien had been removed and the debt settled. I have
not received that yet since it has only been about 2 weeks. I hope this
helps you and let me know if you need anything else.
FullDebt- I am shocked they are willing to even talk settlement with you
if you are not behind on the second. Is the home upside down or do they
think you are going to foreclose the 1st? Keep us posted of your
success.
Has anyone out there had any success with a modification from First
Horizon. That is who my first is with and we are on month 12 of waiting
for an answer on the Modification. Thanks.
Sub: #96 posted on Tue, 06/15/2010 - 01:11
Unregistered
Trying to Settle in Cali
I think you had the leverage of the first being behind by 12 months. My
situation is i am currently 1 month behind on my 1st, but i am trying
modification. So i don't think even after charge off i wont have the
leverage you had showing them that the house might foreclose. The only
leverage is i wouldnt have paid the 2nd for 6 months.
Also do u know how the 180 days is calculated.
I stopped paying on Feb 28th. When i looked at credit report today, i
saw that they have reported 90 day late as of june. I would think it is
120 days. They also seem to have looked at my credit report today(Not
sure what they are looking for).
Sub: #97 posted on Thu, 06/17/2010 - 07:24
Unregistered
ssanthan- I posted a reply a few days ago and for
whatever reason it never posted. Sorry about the delay of getting back
to you. Yeah it took until after charge off until they even really
wanted to talk about a reasonable settlement.
WF says the lien will be removed and the letter states in a nut shell-
This letter confirms WF has agreed to a settlement of 19.28% and will
forgive the remaining $43,000 balance. Upon receipt of payment WF will
notify credit agencies that the debt is settled. It also states I will
receive a 1099 for forgiven debt.
Not sure if this will help you but when I was trying to settle I told WF
we were planning on walking away from our first and foreclosing even
though we are still hoping for a Modification. Reason I did that is I
figured they would realize if I Foreclose they get $0 being the sale
would not even cover the first. Not sure if that helped at all, but its
just more tools to put in your belt.
Fulldebt- I have never heard of them settling if you are not behind. But
best of luck and keep us all posted. They may go ahead and want to
settle realizing also if you lose the first they will not get a dime.
Has anyone had any luck getting a Modification from First Horizon?? That
is who my first is with and I am 12 months in the process of the
modification. Thanks..
Sub: #98 posted on Thu, 06/17/2010 - 07:39
Unregistered
Sorry
guys.. I did not see my other post until after this summarized post went
up.. Lol..
Sub: #99 posted on Thu, 06/17/2010 - 07:41
Unregistered
Ssanthan- I think even the 6 months behind will give
you leverage. Just tell them you are planning on Foreclosing. Never
hurts to try. Yeah the credit reports make no sense what so ever. They
are usually a month behind to my knowledge.
Also they may be looking to see if you are behind anywhere else,
especially with the First. If your home foreclosed they know the first
gets priority and the second usually gets $0
Were the 2 loans your buddy had were with the same bank. From what i have read so far the Second usually charges of the loan and only under rare circumstances do they foreclose. I have read where 1st and 2nd were with the same bank and the second one foreclosed.
Thanks,
ssanthan
I understand that for these homes, the 2nd was a different lender than the 1st lien holder.
Sub: #91 posted on Thu, 06/03/2010 - 10:46
(Posts: 360 | Credits: )
It took til after charge off until they would even talk about a settlement lower than 65%. The number I would call to talk with Wells Fargo is (800)361-9985. I hope this helps. Good luck and keep us posted of your success.
Ball-Mich- Did you receive a 1099 after you settled? Thanks again for all your great posts.
Sub: #92 posted on Fri, 06/04/2010 - 15:14
Congrats first and Thanks a lot for the information. I am 1 month behind on my 1st and working with citi to do the modification.
As i said earlier it has been 4 months since i have paid and i have not talked to them yet. WF online does not allow me to login and look at my account, dont know what that meands. I guess i have to wait 2 more months to go until charge off to start working with WF on a settlement i guess.
I will keep posted on my progress
Sub: #93 posted on Mon, 06/07/2010 - 15:35
Another Question. Did they also release the lien on the property, apart from considering the account being settled. I am just curious as to how the wording on the final settlement looked like.
Sub: #94 posted on Mon, 06/07/2010 - 15:47
was told to call after one week to get an update.i have 65k heloc,
my total loan amount 1st 567k and 2nd 65k. i took both these loans to purchase the home. not sure if 2nd is considered purchase loan. not sure wht laws applies to state of Virginia
Sub: #95 posted on Thu, 06/10/2010 - 12:17
They will eventually ask you to make an offer for settlement. I originally sent in my offer of $2k and they never even returned or countered on that offer because it was way to low. Thats when I got a jerk of a manager that said send in an offer of 10% and it would settle. Week went by and I could not get ahold of him and heard nothing. I finally got a very sweet lady that said the 10% was declined and she would love to work with me to find out what WF would settle for. Thats when believe it or not someone in the Banking industry actually called back and she said she got a managers approval to settle for 19.28%
I said you will not get a dime until i have it in writing. I made them fax it to me since it takes 10 days to get anything in the mail from them. After I received it and read the letter, I told them I would be able to pay in one week after I got the document. Reason being they want a day you will pay for them to call you and get check by phone.
In a nut shell the letter read- This letter confirms WF has agreed to settle above debt for 19.28% writing off the remaining $43,000. Upon payment WF will consider the obligation settled and report in to the Credit agencies as such. i was then told after 30 days I would receive a letter confirming the lien had been removed and the debt settled. I have not received that yet since it has only been about 2 weeks. I hope this helps you and let me know if you need anything else.
FullDebt- I am shocked they are willing to even talk settlement with you if you are not behind on the second. Is the home upside down or do they think you are going to foreclose the 1st? Keep us posted of your success.
Has anyone out there had any success with a modification from First Horizon. That is who my first is with and we are on month 12 of waiting for an answer on the Modification. Thanks.
Sub: #96 posted on Tue, 06/15/2010 - 01:11
I think you had the leverage of the first being behind by 12 months. My situation is i am currently 1 month behind on my 1st, but i am trying modification. So i don't think even after charge off i wont have the leverage you had showing them that the house might foreclose. The only leverage is i wouldnt have paid the 2nd for 6 months.
Also do u know how the 180 days is calculated.
I stopped paying on Feb 28th. When i looked at credit report today, i saw that they have reported 90 day late as of june. I would think it is 120 days. They also seem to have looked at my credit report today(Not sure what they are looking for).
Sub: #97 posted on Thu, 06/17/2010 - 07:24
WF says the lien will be removed and the letter states in a nut shell- This letter confirms WF has agreed to a settlement of 19.28% and will forgive the remaining $43,000 balance. Upon receipt of payment WF will notify credit agencies that the debt is settled. It also states I will receive a 1099 for forgiven debt.
Not sure if this will help you but when I was trying to settle I told WF we were planning on walking away from our first and foreclosing even though we are still hoping for a Modification. Reason I did that is I figured they would realize if I Foreclose they get $0 being the sale would not even cover the first. Not sure if that helped at all, but its just more tools to put in your belt.
Fulldebt- I have never heard of them settling if you are not behind. But best of luck and keep us all posted. They may go ahead and want to settle realizing also if you lose the first they will not get a dime.
Has anyone had any luck getting a Modification from First Horizon?? That is who my first is with and I am 12 months in the process of the modification. Thanks..
Sub: #98 posted on Thu, 06/17/2010 - 07:39
Sub: #99 posted on Thu, 06/17/2010 - 07:41
Also they may be looking to see if you are behind anywhere else, especially with the First. If your home foreclosed they know the first gets priority and the second usually gets $0
Sub: #100 posted on Thu, 06/17/2010 - 07:45