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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?




Quote:
Originally Posted by Anonymous
ball_mich,

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

ball_mich ball_mich

(Posts: 360 | Credits: )

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

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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

Sub: #100 posted on Thu, 06/17/2010 - 07:45

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