WFHE 2nd questions: Its been 6 months, and my Dad just got a call from Primary Financial Services

[ffake fake]

All,

- Yes, I have read and searched the forums.
- I know I am in the same boat as many others.
- We have been following Tom's "Strategy for settling your 2nd" thread.

Best offer received from WFHE so far is 20%. Our counters have been 5%. No offers have been received by mail.

My DAD just got a call from Primary Financial Services. A google search tells me they are a pretty vicious collection company.

What's my next step? Obviously, ignore PFS. Can I go back to WFHE and try to work on them? That flies in the face of Tom's settlement advice. However, since it has been turned over to collections, WFHE isn't going to get as much if they dealt with me directly.

I am tired, and I just want this over. I want a settlement. I want the "We won't sue you" letter. I want to negotiate having my credit fixed. (Our credit took the SS hit, as well as missing 2 payments.)

At this point I'd be happy if WFHE accepted 15%, plus the two missed payments of $200 each, IF they gave us the we won't sue letter as well as fixing my credit.

What do I do?

Try to re-engage with WFHE?
Call Primary Financial Services?

How do I go about getting this offer? All offers so far have been verbal. I need to get rid of this soon, for my sanity and employment reasons.

[Evan Bedard]

At this point I'd be happy if WFHE accepted 15%, plus the two missed payments of $200 each, IF they gave us the we won't sue letter as well as fixing my credit.

What do I do?

Try to re-engage with WFHE?
Call Primary Financial Services?

How do I go about getting this offer? All offers so far have been verbal. I need to get rid of this soon, for my sanity and employment reasons.

They will generally always first come back with a settlement offer around 20 percent of the balance and it usually takes some time to get them to agree to accept something less. Since the account has been turned over to a collection agency you will need to deal with them on the settlement. A lot of people end up settling once their account has been charged off and that is probably why they have been refusing to lower their offer. You may be able to get them to waive their rights to the deficiency, but unfortunately I do not believe they are going to be willing to repair your credit on this account as I have never seen it done before in this situation..

[ffake fake]

OK, now I'm confused. from the holy grail thread, Strategy for Settling Your 2nd (How to settle your second), it states I should be screening my calls waiting for WFHE's settlement department to call and tell me there is a possible "workout" available for me.

Is that call NOT going to come from WFHE, since it has been turned over to a collections company?

[ffake fake]

So, now that is is in the hands of a collection agency, I have missed the boat on dealing with WFHE to negotiate the settlement?

What does it mean to have them, "waive their rights to the deficiency", and what does this do for me?

[Evan Bedard]

So, now that is is in the hands of a collection agency, I have missed the boat on dealing with WFHE to negotiate the settlement?

What does it mean to have them, "waive their rights to the deficiency", and what does this do for me?

Their settlement department may end up contacting you, but if you contact Wells they are probably not going to have much information on your account since it has been turned over to the collection agency. Waive their rights to the deficiency just means that the lender is agreeing not to come after you for the deficiency balance once the settlement is complete, basically the same as them saying they won't sue you for the remaining balance. What state are you located in?

[ffake fake]

Their settlement department may end up contacting you, but if you contact Wells they are probably not going to have much information on your account since it has been turned over to the collection agency.

what state are you located in?

We are located in Virginia. SS occured in Florida. When we did the SS, WF initially disapproved it. They told us we had to be 2 months deficient for them to approve it. Therefore, we not only got dinged for the SS, but for mission 4 payments. (2 to the primary, 2 to the home equity...)

[needadviceinfl]

So, now that is is in the hands of a collection agency, I have missed the boat on dealing with WFHE to negotiate the settlement?

What does it mean to have them, "waive their rights to the deficiency", and what does this do for me?

Ignore them! Read this thread( start around #29). You will find that your loan will eventually go back to WF and WF will always be willing to settle.

WF settlement negotiations update

[Evan Bedard]

Since the property was located in FL and FL is a recourse state you may also want to consult with a FL real estate attorney because they may try to file suit to collect on the debt..