Loan charged off sent to Recovery Department

**sbmancuso** · 05-04-2010, 02:33 PM

My 2nd loan was charged off and I was sent to the recovery department. Wells Fargo is the lender.

Does anyone have any experience or advice on dealing with the recovery department?

**Evan Bedard** · 05-04-2010, 06:58 PM

Does anyone have any experience or advice on dealing with the recovery department?

From what I have noticed the recovery dept seems to be much like collections and they will do what they can to collect the debt. Are you looking to attempt a settlement on this mortgage?

**sbmancuso** · 05-05-2010, 09:16 AM

Yes we are looking to settle the debt - we have some cash in savings so I don't think they are just going to go or take pennies on the dollars. We are current on our first. We attempted to modify and offerred multiple settlements. They actually offerred to settle verbally and then reneged.

**Evan Bedard** · 05-05-2010, 09:51 AM

Yes we are looking to settle the debt - we have some cash in savings so I don't think they are just going to go or take pennies on the dollars. We are current on our first. We attempted to modify and offerred multiple settlements. They actually offerred to settle verbally and then reneged.

Having a lot of savings is going to be a major problem when trying to settle the debt, especially if you are offering a lot less than you have.. How much did you offer, how much is the balance, and how much do you have in savings?

Even when attempting to modify your first mortgage if you have at least three months worth of payments in your account it will be very difficult to achieve this.