Lynnd,Originally Posted by lynnd
My letter does not specify what method I need to use to pay. I was told by the WF negotiator I could wire the money, send a cashiers check, personal check or pay the settlement to the WF rep over the phone. If I wire the money, I have to call the WF rep, get the WF account information and wire away. Not sure how I'll pay yet. I'll have the money in 10 days or so. I'll worry about it then.
AMBERSD,
My first offer from WF was also 40 percent. I sent them a counter offer via mail. Thier offers kept getting lower even though they never entertained my offers. It wasn't until I got the 20 percent settlement offer from WF did I start calling them and negotiate over the phone. Who is the new servicer of your charge off?
Hi guys (the few on this post)
Update - But first to clarify with Acesfull, my loan is not sold to the CA - WF contracts out to a few collection agencies and the CA's do the negotiating. That being said, I do have in hand the settlement letter from the CA but it is on WF letterhead with their verbage and it does end with "Upon full payment of the settlement amount, Wells Fargo Bank will consider the obligation settled and will release any lien that Wells Fargo Bank may have concerning this Account." However..... being the skeptic that I am, I made numerous calls to WF today inquiring of the legitmacy of this, the lien release process and timing; the wiring of the funds and my desire to negotiate with them, etc. They looked up my account, saw the charge off and saw the settlement info. They did answer the questions but were adamant that I needed to discuss and negotiate with "their" 3rd party being the CA as they were the ones going to receive the funds, clear the check and once cleared, WF will be notified and WF "issues the release of the lien to the courthouse,....". I also demanded to speak to the CA manager a few times to clarify my concerns but it is pretty clear cut. So it ended up being 11 percent. I have a gut feeling it could have gone a little lower with time, though but I don't have any more time to invest due to some circumstances. I'm pleased with the outcome and it is an answer to major praying. Just an FYI - I will post in Success once the funds are mailed, etc.
bigshan1--
Congrats. don't forget to post in "Settling 2nds-- Success stories." Lots of members check that thread for confirmation of the "strategy." Also. . . had you shown any HARDSHIP?? i.e, had you declared CH7, get HAMPED or otherwise in-house modified on the first? or is this purely strategic? thanks again and congrats. 17 percent ain't so bad.
Last edited by meggood; 03-01-2012 at 08:11 PM. Reason: typo
There's question for you.
my 3rd is out of money and i didn't make payment since last August 2011.
but then they(WF) still not charge off yet. When they usually charge off the loan?
It's with Primary Financial Services, LLC.
Hello Meg,
I will definitely post once I make the final phone call and send the money. I did try to show hardship. Last year after about 2 months of not paying (around May), I tried to apply for a loan mod on my home equity loan. I send a hardship letter, but did not send any financials. I may have discussed my financials over the phone, but never sent any paperwork in. In August I got a letter from the Home Equity Dept denying the mod and I owe all the back payments, but they will wiave the late fee's. Thats when all contact ceased on my end. I've never declared BK nor did I get my first mod'd or HAMPed. Actually my first is in underwriting right now for an in house mod. We'll see what happens. If it gets denied, its not that bad because my 1st is a 30 fixed. The strategy works well. My contact with WF stopped last July. I made the first phone call about 2 weeks ago to negotiate my settlement. That was after three settlement letters.
My final settlement letter says my loan was charged off in October 2011. That would of been 7 months of not paying when they charged off. I'll bet your loan get charged off this month or next. Just sit tight and wiat for your letters. WF may keep the bad debt post charge off and negotiate or sell off the debt to a collector.
You want to make sure your first mortgage is affordable and up to date before settling your second.. Underwater seconds are in no position to pursue foreclosure on your home so it is important you complete anything you have in process on your 1st before moving forward with your 2nd...
Keep Fighting!
Evan Bedard
LoanSafe.org Support Team
The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.
Thats the one thing I tried to do. I was denied twice on my first for mods. I wasn't til I was several months late on my second that I tried to HAMP my first. I qualified, but they denied me because I was delinquent on my 2nd. Things are actually looking good for my first to get mod'd. We'll see. My first is manageable if not, but a lower payment would be nice.
could I have fax number for wf heloc settlemnt dep?
I just have the phone number. 800-361-9985
AmberSD - Perhaps your experience will be better or different as mine, hopefully; however, I also was sent to Primary by WF and ended up going through three Collections agencies. I think after so many days if it's not settled, WF sends to another CA. My results were with the 3rd CA but it could be because I ignored much of the calls and let them go to voice mail. Everytime it went to a new CA, they would send me a letter and I always responded with a letter offering either 3 or 5 percent. And I would take the call occasionally but I was always brief, I never engaged in lengthy conversation. Then the calls would subside for a few days. I wasn't as adamant in negotiations until it got to the third one. I stopped the payments on my underwater 2nd in 10/2010. So be prepared but hope for the best.
Did you end up settling? I know you were suspicious of the CA wanting paid immediately.
I need some advise. I appplied for Hamp in November I owe 725k on first bank said bpo was 740K and 300K on Heloc. Did test to see if I qualified and all test say yes. However, I am the only signer on our mortgage and my spouse runs a business. I showed as a contributor to the household bills. Now they keep coming back to us for information on the corporation they want the P&L which we have supplied and it clearly shows where the income that is contributed to the household is an expense of corp. However now we keep going back and forth with the bank to no avail. I am drowning in CC debt and want to stop paying so I can neg it. I have a car lease which expires in June so somehow I need to keep my creidt above water enough to be able to get a replacement car? Since we are in the process of the decision for the LM will it ruin our chances for the mod if we go out and trade the lease in and get a used veihcle before our decison so we can stop paying our cc and hopefully neg them? I know this is a lot of info but I need help on what course of action I should take. We have no savings and no extra money just making min payments on about 75K in CC debt.
frankie
Thanks for your post. If it were me, I'd get your replacement vehicle taken care of first. Once that's done, I'd stop making all CC payments and payments on the HELOC.
Then I'd proceed with the loan mod quest. Good luck to you!
I have already submitted my loan mod just waiting for a decision if I go out and get a replacement vehicle will that make them rethink my mod? I know they check my credit report and that will show my one car as paid even though it is a lease does it matter if a buy new or used I will be lowering my payment from 530 a month to around 350? Also with regards to my second I am afraid to stop paying cause I don't want them to foreclose since my first is 725 and bpo came in at 740? One last question if my credit is good now and I get the trial will they question the perm if credit score drops drastically? I know I have a lot of what if scenerios I am just trying to get ducks in a row!
frankie
Thanks for your post.
I'll bet math wasn't your best subject in school, LOL. FYI, $740k - $725k - $300k = <$285k>. Now do you think your 2nd is underwater or not? Your 2nd won't FC.
If I were you I'd buy a used car for all cash, if possible, or if not, get a small loan with lower payments that your $530 lease payment.
LOL .....actually someone told me that PNC who I have my second with would still file to foreclose even if they would not benefit that's why I have. Not stopped paying. Also I wish I had cash to pay for a car but I don't. So if I buy a car so my. Payment is less it should be ok?
frankie
Thanks for the update. I recommend you no longer listen to the clueless "someone" who told you that.
Yes, a lower payment will look better than a high car loan payment. That is, unless you're showing too much income to qualify for the loan mod.
I have no problem ignoring phone calls...we never answer our home phone anyway so it's not hard to do. What percentage did you end up settling with? Did you ever send in a validation letter?
lynnd,
Thank You for your updates. My situation is exactly as yours, WF charge-off and Primary Financial collecting. In November, I was able to get a hint that they would take 20 percent. I haven't answered the phone since then. I believe, I am going to answer the next call and try to finish this thing. 5-10 percent would be worth it to have the piece of mind of being done! Thanks again!
Last edited by needadviceinfl; 03-09-2012 at 03:49 PM.
Thanks bigshan1 for sharing that. Congrats as well on the settlement!
I also have a WF HELOC (in Northern Cal) in the amount of $85k. I have stopped paying for about 7 months now. Yesterday, I got a Fedex letter offering to settle at 40% or $34K by Mar 29 - about 15 days out from date of letter. I plan on doing the same as you and write back to them with a counter-offer.
My question is: there doesn't appear to be an address on the offer letter, but just on the Fedex envelope with perhaps a negotiator's name on it (Chris W.). Should I write back to that address and directly to Chris or keep it general to Wells Fargo? I ask because I make to make sure it gets in the right hands to be processed so I don't miss the Mortgage Forgiveness Act set to expire at the end of this year.
The Wells Fargo address on the Fedex is:
1 Home Campus 2nd Floor
Des Moines, IA 50328
Is that the same address that you wrote to? Or was there a separate address on YOUR letter?
Thanks so much for your help!
rich
Hello, I started by mailing my first counter and I believe i used the same address you just listed. The address on the upper left hand corner of the WF settlement letter appears to be a payment processing address. I wouldn't use that. Put ATTN: Chris W and make sure you have your loan number on the letter! Also below is the phone number to the recovery dept in case you need to call them. If I find the fax number I'll list it.
800-361-9985
AmberSD - Sorry for such delay in responding (just started a new job only to get laid off again and wanted to wait to make sure the WF settlement was confirmed) Yes I settled for 11 percent - perhaps I could have waited it out longer but I was starting a new job and wanted this behind me and it was time (for me). I received the settlement letter, it was on WF letterhead but sent from the CA. I borrowed the money and the bank wired it. This was the 3rd CA, so each CA sent a letter wanting validation of debt. I did send it back with a proposal of settlement somue with 3 percent, some with 5 percent to start. I would take a call every now and then just to be brief with my proposal and my hardship reason (unemployed). Hope this helps.
My 40 percent settlement offer came via Fedex. return address on envelope is Chris Fowlie and same address as you mentioned.
I went ahead and asked for fax number. They were too pushy to look up my account number so that they can *assist* me better. I never gave my acct number. Just kept repeating, please give me fax number, I will fax my response to your offer and it will include my account number. Finally, the rep caved and gave me fax number:
Here is is:
866-438-8961
__________________________________________________ ____
State: CA
WF HELOC last paid 09/2011
WF First last paid 10/2011
I just got my WF 40 percent settlement offer fedex yesterday. Last Heloc payment was 8/2011. I am going to fax my counter to the number above and mail my counter offer back to the South Dakota address
Did anyone have issues with this fax number. I got communication error from two different fax machines
That fax number din't work for me either. But them, I was not able to send fax to my kids school and other places either so I wasn't sure if it was my fax machine that wasn't working. I ended up sending my counter via mail.
__________________________________________________ ____
State: CA
WF HELOC last paid 09/2011
WF First last paid 10/2011
UPDATE.
Well, It pretty much over. Today, I got the official letter from WF stating my second is gone. I'll hopefully get my lein released in the next two months or so. For those interested, the letter states:
Account number ending in XXXXXX
"Dear Mr. XXXXX and XXXXX
"This letter confirms that with your remittance of $25K on 3-28-12, WellFargo considers the above referenced account number to be settled in full, for less that the full balance. In consideration of this settlement, WellFaro will cease further collection efforts and the remaining balance will be charged off. WellFargo will report to the nationwide consumer reporting agencies as account paid in full for less than full balance.....blah blah blah blah IRS stuff."
Congrats again bigshan.
Sharing my update so others can learn and understand the process. Also, have a few questions for bigshan (or others that are further down the process with Wells Fargo).
Just a quick recap:
I also have a Wells Fargo HELOC (in California), in the amount of $85k. I stopped paying this in the fall of 2011. In Mar 2012, I got a Fedex letter offering to settle at 40% or $34K by Mar 29. I wrote back a counteroffer by mail for $6K in early April 2012.
Since then, I haven't heard back until the last 2 weeks when I got phone calls from them. No mention of settlement offers in the voicemails. I decided to just call back and hear what they have to say. They offered at 30% - down from their 40% by writing. I asked them to put it in writing and I will think about it - they said no they can't put anything in writing unless they get more financial information from me. We went back and forth and he was tough asking more and more questions if I'm in employed, etc. I declined and just kept repeating that I offered $6K, and if we aren't even close, do whatever they need to do as I don't really care. We then ended the conversation there.
BigShan or anybody else - have you encountered the situation where they wouldn't even put anything in writing unless you give financial information? Regardless, I don't intend to give any information to them, just wondering if they will call me back or mail something in writing to me in the near future.
I just feel like the window is closing in on me, with the Mortgage Forgiveness Act set to expire in 6 months. Unless Congress extends that act, the tax bill will be large enough where I feel that it might even be worth settling at 30%.
Any advice?
This is so similar to where I currently am. My first missed payment was 9/11 and I received the 40% settlement fedex in the beginning of May. No word after I mailed back my counter until I received a few phone calls this past weekend. Nothing since then
From what I've been reading, Obama has language written in his upcoming budget to extend the Mortgage Debt Relief Act another year. Of course anything can happen and Congress can disapprove, but it has always had bi partisan support. I totally understand wanting it over "just in case." During my settlement process I completely ignored all calls. Like you folks I first received a %40, then %30 percent and toward the end I received a %20 settlement letter from WF. This when I started to call and negotiate further over the phone. I'm assuming you guys are dealing with the collections dept at WF; not a separate collections agency. If its still WF, DO NOT settle for %30...it will get lower. I settled for %17 only because I had the money and wanted to move on with life. I likely could of gotten lower. Remember, we still have 6 months left in this year. You'll hear from WF before then....trust me! My whole process from start to finish took one year.
Shane
Thank you Lynnd. My scenario went almost exactly as yours did. Primary Financial was the first collection agency. They were very pushy and rude so I stopped answering calls. They called everyday for 4 months approx. Then I received a letter from Focus Receivables collections offering 25%. My heloc was 170000.00. I ignored the letter and they started calling soon after. I ignored their calls for 2 weeks, then today I felt as if I wanted to see what they wanted.
They were very nice! Surprised I was. She re-iterated the 25% offer and I said no, I don't have it. I offered 10%(I was ready for it) and she surprisingly asked me how soon I could have that. I thought for a moment and said Tuesday. I needed time to research. She said she would be back in touch with me later in the day and was going to get an answer from WF. She asked me a few more questions, such as: was I employed? and by whom?, how much my mortgage was? and how much I make?. Asked me also how I got into this situation? I then thought to myself, "here we go". I kindly refused all the answers and said that nothing has changed since my short sale with WF and they have all my info. She said OK and would call me later.
Well three hours later she called and said WF accepted my offer. She had the settlement offer in writing and faxed it over. It was on Wells Fargo letter head and contained the same verbage as Lynnd's did. The funds will be drawn on Tuesday from my bank. I called WF and verified the settlement offer and it all checks out. I will keep you posted on the paperwork following this transaction. Thank you all for the great information and giving me the courage to see this through. I will put a quick post in success stories also.
A lot of good information. Thanks everyone. Can I get an advice on how to proceed if my 2nd with Wellsfargo is much larger than my first? What should my strategy be? I am about to deafault starting this month due to being un employed for a while. Any help is appreciated.
First:$126K with Metlife bank
Second (HELOC): with WF$490K
State: CA (bayarea)
House worth around $380k (if that)
leaning
Welcome to the community.
FYI, even if you weren't unemployed, the only smart move is to stop pouring good money (after bad) down the drain on an underwater 2nd that won't FC.
You haven't yet read the strategy guide at post #1 of the following thread? It will tell you everything you need to know. Good luck.
Strategy for Settling Your 2nd
Thank you so much for the response. I will check the posting you mentioned. For the passed 3 days, the only thing I have been doing is reading the various threads to see how it applies to me (especially having a large second and a small first).
I am in big trouble because I have spent more than 400K the last 5 years trying to do the right thing and not screwing up my credit by making around $5K a month payments (plus remodeling). Now I have virtually no money to finish the remodeling the house and underwater big time.
Thanks again. I am extremly nervous because after the 15th of this month, in my 30 years as an working adult, this will be the first time late on any payment. I should have done this 4 years ago
AmberSD, are you still paying your first? Are you trying to negotiate to lower the 1st also? My 1st is smaller $127K with Met life and the second HELOC with WF for $490K house is worth around $380K in CA. This is the first month I am stopping the payments. It will be late on the 15th of July 2012 due to unemployment and no more money from 401k or the line of credit. I see your post was on 01-19-2012. any updates? I plan on reading each and every posting. You may have updated the forum I just did not get to it. Thanks in advance for any advice
I must be charged off. Tiburon has started calling this month. Last payment was 8/2011 and the last 40% settlement offer from Wells was May 2012
I am still paying my first. I haven't heard back from my 2nd it got charged off a long time ago. I sent them a settlement letter offering 3 or 4 percent but I never heard from them.
Posting Permissions
Reply With Quote
Bookmarks