Wells Fargo HELOC

**AmberSD** · 08-22-2012, 11:49 AM

I'm not sure why my thread got moved to the loan modification area but maybe if I elaborate this time it will stick.

July 2011 - stopped paying my HELOC
January 2012 - Wells charged off my loan and sent it to collection agency
April 2012 - I sent a settlement offer to the collection agency
August 14, 2012 - I received a letter from Wells Fargo stating that my "....correspondence to them has been received by the home equity executive office for review and response. Once this review is completed, you will be contacted with our findings before or by August 16, 2012..."

It's now a week past August 16th and I haven't received or heard from them.

I am following the strategy here to settle my 2nd. I'm wondering if the letter I received from Wells is a tactic to get me to call them. I'm in no hurry and have no problem ignoring them but on the other hand I am a little anxious to get this over with.

**Evan Bedard** · 08-22-2012, 02:50 PM

It's now a week past August 16th and I haven't received or heard from them.

I am following the strategy here to settle my 2nd. I'm wondering if the letter I received from Wells is a tactic to get me to call them. I'm in no hurry and have no problem ignoring them but on the other hand I am a little anxious to get this over with.

Hello AmberSD,

I'm sorry I am not sure why your thread was moved to the modification section. I wouldn't expect them to contact you on the day they are supposed to because they too know there is no need to rush to complete the settlement. Personally I would just wait another week or two and if you still do not receive anything from the collection agency send them a letter offering a lower amount;-) Lol the ball is really in your court so I would try to negotiate the lowest settlement possible.

**AmberSD** · 08-26-2012, 04:10 PM

I finally received a letter from Wells Fargo yesterday.....I'm gonna go ahead a send in my settlement offer letter tomorrow.

**Evan Bedard** · 08-27-2012, 07:55 AM

Wow that was pretty fast, let us know how it goes!

**AmberSD** · 09-24-2012, 01:03 PM

Today I rec'd a letter from Wells stating that they need me to fax a letter rescinding the ceased and desist so that they can reach out to me in regards to my settlement offer.

They are allowed to contact me through snail mail, I'm not sure what the problem is.

What should I do?

**AmberSD** · 09-24-2012, 04:07 PM

And here is the part about not contacting me that I wrote to them

Iwould also like to request, in writing, that no further telephonecontact be made by your offices to my home or to my place ofemployment. If your offices continue to attempt telephonecommunication with me it will be considered harassment and I willhave no choice but to file suit. All future communications with meMUST be done in writing and sent to the address noted in this letter.

**Evan Bedard** · 09-24-2012, 04:40 PM

This is not uncommon, they often will request that you rescind the cease and desist letter so they can contact you via "telephone" in regards to the settlement and their offer.. They know darn well that they are never held accountable for anything (including offers) they verbally state over the phone..

**AmberSD** · 09-24-2012, 07:29 PM

Evan, what do you think I should do?

**Evan Bedard** · 09-30-2012, 08:15 AM

Originally Posted by AmberSD

Evan, what do you think I should do?

It is really up to you but there is no rush to try and settle the account now since you are in CA and the loan is underwater they will not pursue foreclosure on your property.. If you are in no position to try and settle now and would like to do so at a later time you can just avoid them altogether and rescind the cease and desist letter when you feel you are ready to negotiate.

**jhn_plsn** · 09-30-2012, 10:05 AM

If they are willing to make a verbal offer then they can put it in writing. You could send them an even lower offer than your original and state that the correspondences can stay in writing with no verbal contact needed. This second lower offer could drum up a reaction, but who knows. Of course thank them for their offer to discuss it.

**Evan Bedard** · 10-08-2012, 02:26 PM

You could send them an even lower offer than your original and state that the correspondences can stay in writing with no verbal contact needed.

The main reason they refuse to do so is because they know they will not be held responsible for anything they verbally approve or suggest to do over-the-phone..

**AmberSD** · 02-03-2013, 02:06 PM

So I never rescinded my ceased and desist and I haven't heard from them either. I'm just sitting tight waiting for something, anything, to happen.

Is it common for it to take this long?

**Evan Bedard** · 02-04-2013, 05:54 PM

Originally Posted by AmberSD

So I never rescinded my ceased and desist and I haven't heard from them either. I'm just sitting tight waiting for something, anything, to happen.

Is it common for it to take this long?

Hey Amber,

Yes, since they are in no position to pursue foreclosure and you sent them the cease and desist there is really nothing for them to discuss (besides a settlement).. It has been quite a while since the account has been charged off but again they are really in no rush to settle. If you would like to begin negotiations soon it is likely you will be required to make the initial contact/offer..