Settlement of 2nd Mortgage...Who Has Been There?

[2manybills]

you guys with Wells are lucky. Because PNC won't settle. Maybe that's because the Bank is actually owned by India.

A friend of mine is having an awful time with Chase, trying to assess fees and legal fees after discharge. Wells never bothered us one time. Never sent a letter, nothing, I initiated it all.

[marchelala]

2manybills gave me liquidation department #. I called (after a year of non paying), they said it is still in bankruptcy dept. Transfered me there, they ask for a hardship +offer letter. I faxed it next day. Few days later got a call from negotiator who basicaly asked one question - when can I get the money (my original offer 6%). I said in a week, he asked if 15 days will be enough. Month or so later got a fedex letter from WF confirmeing 6% offer, wire the money, got another letter confirming that accounts are settled. Still waiting on dead from county (has been around 30 days)

[2manybills]

2manybills gave me liquidation department #. I called (after a year of non paying), they said it is still in bankruptcy dept. Transfered me there, they ask for a hardship +offer letter. I faxed it next day. Few days later got a call from negotiator who basicaly asked one question - when can I get the money (my original offer 6%). I said in a week, he asked if 15 days will be enough. Month or so later got a fedex letter from WF confirmeing 6% offer, wire the money, got another letter confirming that accounts are settled. Still waiting on dead from county (has been around 30 days)

It took about 30 days, and I got a copy of the Notice of Reconveyance. Waiting now for copy from County, but they just sent it 9/22/11.

Glad you were able to settle marchelala!

[marchelala]

Who sent Notice of Reconveyance, WF ? How do you know County sent it on 9/22? Can I look it up somewhere online? Thannks.

[2manybills]

Who sent Notice of Reconveyance, WF ? How do you know County sent it on 9/22? Can I look it up somewhere online? Thannks.

Wells Fargo sent me a copy of the document that they sent to the County Recorder. The County Recorder here is about 3 to 4 weeks out, so I'm waiting for the original "recorded" document. I got the Reconveyance about 3 to 4 weeks after the letter acknowledging my settlement.

[marchelala]

thanks. They got my settl money on Sept 2nd, I did received the letter after that indicating that they got it and it considered settled. And that;s it. They did say it takes about a month for the county.

I am in SO Cali also, is there a way for me to check online if the lien has been released? Thannks.

[jst4f]

An article in a local paper said that in many cases the banks don't own the loans but are servicing them for an investor. The investor can be another bank, a trust fund, etc. They are the ones that determine if they will settle the debt. Given that the mortgages were sold to many different investors, the bank's response can be very different for each home owner. One gets a great deal and another home owner with in a similar situation gets evicted. I would give PCN a try, you just might get a different answer. I also consider a bank to be like the DMV, go from window to window until you get the answer you want and then act quickly. Don't give up on the first No.

[RedLight]

OK, so we received a certified letter today from PNC Bank. Here is what it says:

"This letter serves as notice that pursuant to investor approval, PNC Mortgage, a Division of PNC Bank, NA has been authorized to discontinue collection and or foreclosure activity with respect to the property located at ###########.

This means that we will no longer carry your loan on our books as an active account. This decision is a result of our loan review and: your delinquency and your failure to enter into a satisfactory repayment agreement with us to cure the delinquency or payoff the loan OR the lack of collateral value.

This does not release you from your obligation to pay off your loan, we may however release our lien against this property if the first mortgage/lien holder has taken the property to foreclosure sale."

At the bottom it shows the unpaid balance. Does anyone know what this means...my guess is that the account is being written off by the investors? We submitted a settlement letter a few months ago and it was rejected because the investors did not approve it. Would we have a better chance of a settlement now and would we be able to bypass PNC completely and deal with the investors? We are actually upside down about $10,000 now on the first mortgage alone, property values have really taken a nose dive but we would like to sell and not foreclose. Thanks everyone.

[jmanford]

what is the unpaid balance? PNC was our second lien holder and our house was foreclosed on. The first lender got their money and PNC got nothing of the 50k we owed them. I doubt they even care because they had insurance on our equity line of credit. They are ass holes

[RedLight]

jmanford, we owe right at $27,000. And if they were to foreclose on the house, so be it. I would rather them do it faster than dragging their feet and making the three year time clock pushed further down the line. Just doesn't make sense why they wouldn't take a settlement, if the house is not reaffirmed and it is written off, I don't know if they would be able to claim an insurance loss. Just wondering.