Wells Fargo Heloc
Date: Wed, 12/01/2010 - 17:58
I have a Wells Fargo HELOC that is about to charge off. I was able to successfully modify my first with Bank of America, but it was the type of modification where Fannie Mae loaned me the past due balance. I owe about $176k, and Zillow says it is worth about $182k. My HELOC with Wells is $116k. I think they will charge it off, and have a collection agency hound me for a settlement. I spoke to a WF rep the other day, and he said they may pay off B of A, but I find that pretty unlikely. The home is in the Central Valley of California, and it is a rental I own. Does anyone have any experience in the last couple of months regarding Wells Fargo, and their settlement efforts? Do these efforts change if the HELOC is on a rental home? Thanks for any help you can provide.
MB
Greetings "unregistered", You might just want to register and
Greetings "unregistered",
You might just want to register and seek out "dantheman".
I recall that he was successful with WF.
Regards,
King "Kash" Jabba Labba
My understanding is that settlements on mortgages does change wh
My understanding is that settlements on mortgages does change when it's a rental, however, they also don't want any more REOs on the books. So they bend the rules now and then if it's to their advantage. I would just keep working on it and see where it goes.
Like the King says, go ahead and register so we can assist. The
Like the King says, go ahead and register so we can assist. The way it went for me was, first it has to charge off...then comes a high offer and then you negotiate. I got 20% but I talked to the guy the other day and he says they are doing most these days around 30%. Couldn't tell you for sure but mine was started when the market was more depressed, if that is possible. Good Luck.
And I will add that there are tons of folks who are not settling
And I will add that there are tons of folks who are not settling and waiting to see how wf responds. My thought is that is risky. Sooner or later, they will sort this mess out and could easily sell the debt for 20 cents and the ca could go for it all in a judgment. Not a risk I want for the next 10 years. dtm
Thanks for all of your help. I think I will wait and see what h
Thanks for all of your help. I think I will wait and see what happens, and then try to settle in the future.
Thanks again:)
Maybe I'm the fool for settling, because I know there are masses
Maybe I'm the fool for settling, because I know there are masses with defaulted helocs that have not or cannot settle. But I guess it is worth the peace of mind for the next 20 years for me to settle. And in my State, Missouri, the laws almost always favor the creditor. 10 year sol that is renewable... deficiency judgments easily obtained on first or seconds. Maybe you Cali folks have less to worry about.
Update on settlement
I would like to thank all of you for your help and opinions. I went back and forth with Wells Fargo, and I was able to settle the $117k+ balance for $30,000. As this represents a little over 25% of the balance, I feel pretty fortunate. For me, it was worth it to not be fearful when opening my mailbox for the next couple of years. I don't think Wells could have done much to me, but having a judgment lingering in my future did not seem to be a good choice. Thanks again.;):):)