Wells Fargo Home Equity - Notice of Right to Cure Default

[MoMoney428]

Good evening all

A couple of days ago I faxed Wells Fargo a settlement letter and just today received a Notice of Right to Cure Default in the mail. I am sure both documents crossed in the mail - at least that's what the rep said when I called Wells. They indicated that I need to pay them such and such amount by October 7 or they will basically pursue foreclosure. If worse comes to worse, I guess I'll need to pay them what they need by October 7 however, these monthly payments are a real strain on me. I only owe them $3,100 in total and there really isn't very much equity in my home.

I've been reading about some folks who owe so much more than I do and never hear from their second mortgage. I'm wondering if I am hearing from them because they have reason to believe there is enough equity in my home to foreclose or is this just procedure and they do this to anyone who misses more than one payment in a row. I'm not feeling very positive now about a possible settlement that I'll be able to afford in one lump sum but we'll see.

I am a bit panicked. Any mention of the word foreclosure and I'm all bent out of shape. I suppose a scare tactic is what they intended! Any thoughts?

Hope all you fellow east coasters stay safe!

Thanks in advance,
Beth

[MoMoney428]

Anyone?

[dspii]

Did you file BK? If so they can't ask for $$$$, they can only foreclose if you default on the loan.

If this is a second, then the first will take priority and WF will get jack, unless they sell for more than you owe. They know this so I'm sure it's a computer program and an idiot rep that is bothering you. Again, unless they can get a lot more than you owe on both mortgages....which won't likely happen, foreclosures do not generate premium prices.

Try for the mod, see what happens.....but if you filed BK they cannot attempt to collect the debt, you have to be willing.

[MoMoney428]

Thanks, dspii. My bankruptcy was discharged in July of this year. I know they can't come after me for the money owed so that makes me feel a little better. If the settlement doesn't work out, I'll see about a mod.

[BobMango]

I'm reminded of the old adage, "if you owe the bank a little money, you're screwed, if you owe the bank a lot of money, they're screwed." I think the bank knows you don't want to lose the house over such a small amount so they'll push to see if they can get you to pay. I'd be tempted to bank the money you were paying on it and then see if you can offer a settlement when things get serious.

[MoMoney428]

Thanks, Bob. Ain't that the truth! We'll see if I can work with them on a settlement. Stay tuned for details...