Just sent a letter to WF

[Lajazz947]

To Whom It May Concern:

I am writing this letter to explain my unfortunate set of circumstances that have caused us to begin to become delinquent on our 2nd mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to settle our loan in full.

As I am sure you are aware, we have been discharged in Chapter 7 bankruptcy and are free to just walk away from this obligation.

I also have back taxes and a student loan that have to be paid. Due to an interrruption in income I had to use retirement funds in 2008 as well.

At this time, I am writing to you to see if we can settle this HELOC loan for 10% to be paid in full within 60 months without interest. We have the means to obtain this amount of our settlement offer now. Obviously if we were to just foreclose, your chances of receiving any payment at all is bleak at most due to the fact that the 1st is barely covering the home value.

We would appreciate your consideration to accept our proposal for settlement.

Sincerely,

I just sent my letter to WF today. I offered $5000 payable over 60 months with no interest on a $50,000 HELOC.

I know, I know but what do I have to lose? They are pretty much unsecured anyway.

Waiting to deal with Wachovia on my 1st. I will keep you all posted.

[johnmac]

If I understand correctly you have an unsecured HELOC that has been discharged in Chap 7, why would you offer to pay them anything? Are you reafirming the 1st mortgage?

[Lajazz947]

Originally Posted by johnmac

If I understand correctly you have an unsecured HELOC that has been discharged in Chap 7, why would you offer to pay them anything? Are you reafirming the 1st mortgage?

Basically a moral issue but now I hear that there is afight between WF and WACH, both claiming to be in 1st position.

VERY interesting.................

Someone is going to be suing the title company.

WACH did not allow me to reaffirm the mortgage, strange but true.

[davephx]

What you offer is actually far more than they would get if the 2MP program was running.

Of course that is the problem with 2MP - voluntary and seems no participants.

[calgirl67]

Originally Posted by Lajazz947

To Whom It May Concern:

I am writing this letter to explain my unfortunate set of circumstances that have caused us to begin to become delinquent on our 2nd mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to settle our loan in full.

As I am sure you are aware, we have been discharged in Chapter 7 bankruptcy and are free to just walk away from this obligation.

I also have back taxes and a student loan that have to be paid. Due to an interrruption in income I had to use retirement funds in 2008 as well.

At this time, I am writing to you to see if we can settle this HELOC loan for 10% to be paid in full within 60 months without interest. We have the means to obtain this amount of our settlement offer now. Obviously if we were to just foreclose, your chances of receiving any payment at all is bleak at most due to the fact that the 1st is barely covering the home value.

We would appreciate your consideration to accept our proposal for settlement.

Sincerely,

I just sent my letter to WF today. I offered $5000 payable over 60 months with no interest on a $50,000 HELOC.

I know, I know but what do I have to lose? They are pretty much unsecured anyway.

Waiting to deal with Wachovia on my 1st. I will keep you all posted.

Please let me know how you go with this. I am in the same position, our 1st is way underwater, and the 2nd & 3rd mortgages are held by WF Home Equity. So far they (WF HEquity) have done squat to modify then all of a sudden a week or so ago they start calling offering to modify our loans "immediately"... I told them we will be filing CH 7 and she got quite nervous. I would love to settle it ($99000 in total) for 10% and pay over time!!

[BadBobMo]

I told them we will be filing CH 7

So are you done with the 1st if second won't work with you.

[karman]

Did you ever get a response to your letter?

Originally Posted by Lajazz947

To Whom It May Concern:

I am writing this letter to explain my unfortunate set of circumstances that have caused us to begin to become delinquent on our 2nd mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to settle our loan in full.

As I am sure you are aware, we have been discharged in Chapter 7 bankruptcy and are free to just walk away from this obligation.

I also have back taxes and a student loan that have to be paid. Due to an interrruption in income I had to use retirement funds in 2008 as well.

At this time, I am writing to you to see if we can settle this HELOC loan for 10% to be paid in full within 60 months without interest. We have the means to obtain this amount of our settlement offer now. Obviously if we were to just foreclose, your chances of receiving any payment at all is bleak at most due to the fact that the 1st is barely covering the home value.

We would appreciate your consideration to accept our proposal for settlement.

Sincerely,

I just sent my letter to WF today. I offered $5000 payable over 60 months with no interest on a $50,000 HELOC.

I know, I know but what do I have to lose? They are pretty much unsecured anyway.

Waiting to deal with Wachovia on my 1st. I will keep you all posted.