First off all let me start by saying that I can't believe this site exists! I wish I would have come across this about 8 months ago. Anyway, my story:
I have been with Wells Fargo for my 1st and my 2nd for about 10 years now. I hadn't been late on either until I stopped paying my 2nd back in December of last year. I owe about $215K on my 1st and $86K on my 2nd. I decided to stop paying the 2nd because I knew I was underwater and was hoping to wipe that out clean. A friend of mine referred me to a modification guy and he started the process for me.
Well, the modification people that I am working with seem to have started the process for me but they have been so bad with communicating with me and keeping me in the loop. I received a settlement letter from WF about 3 weeks ago for the common 40% and when I called my modification guy, he didn't even know about it. Needless to say, I think I need to handle this on my own at this point. So I never responded to the letter and now I am thinking I should be doing the counter offer call or letter that everyone talks about. No need in waiting for my modification guy to handle this for me. It's probably something I should do on my own anyway.
So I've read both sides with some people saying to call and others saying not to call and just send a letter. I'm thinking of offering about $4-$5K to start and see what happens.
Any thoughts? Thank you so much in advance. You guys are awesome.