My Experience on trying to settle after discharge

[justbroke]

I surely did miss that one. That one is even better than the one I discovered!

Just remember. Money is not the root of all evil. Evil, is the root of all money! LOL

[tobee43]

Originally Posted by jjim120
"I don't know how one goes about investigating the ethics and conduct of a bank.

i did miss that....because the DON'T!! LOL abd WON'T ever...it seems...except that guy from wells fargo...right?

[tobee43]

I surely did miss that one. That one is even better than the one I discovered!

Just remember. Money is not the root of all evil. Evil, is the root of all money! LOL

ahhhhhh justbroke you are off and on the ball today for sure...

[newbie2]

Hi everyone,
I have not posted in about a week but I will try to keep this as short as possible. No reaffirming first or second and have been discharged for a month. Called bank (PNC) and offered a settlement to release the lien on my property but was laughed at at my proposal. Went up to 5% percent and was told she would call me "right back". Never called. I left numerous messages asking about the status and nothing. Went on the LoanSafe forum and was given a list of numbers on who might be able to help. Called and was told the mortgage department does not handle second mortgages only firsts. However, the person in the mortgage department was able to get a hold of the person that would not return my calls. She told her to contact me and give me an update. She finally called but only after being told to do so. She told me very rudely and very casual that my offer was refused. I asked by who refused it and why. She did not want to discuss my case at all because there were many long pauses in between my questions. I told her I found it hard to believe that only 1 person could deny my offer and why was I not sent something in the mail...like a formal denial letter? She told me I could contact her supervisor. I then asked her point blank if she (herself) was finished with my "case". She would not answer only saying I could speak with her supervisor. I then asked her to answer me yes or no was she no longer in charge of my file. She told me she was not going to take my hostility any longer and she hung up on me!!!! No kidding she straight up hung the phone up on me. I cannot believe the rudeness and the lack of willingness to direct me to the correct person or department. Does anyone here have any advise on where to turn to now? I cannot believe this lady. She also told me that I never called her only the first time I contacted her. That was a downright lie. I left so many messages. Anyone?

Ann, friends of mine were in the same boat. (Wanting to negotiate a settlement with 2nd mortgage and have the lien released) Both mortgages were with the same bank (not PNC, but one that begins with an F :-) Here is what worked for them, maybe it will work for you:

They stopped paying the 2nd mortgage and after about one year the bank sold the loan to a collection agency. Once in the hands of another company they were able to negotiate a settlement. It ended up being about 12% of the balance, and they did get it in writing that the lien would be released. A month or so ago they were sent a copy of the discharge of the 2nd mortgage with the original sent to their county recording office.

I hope it works out for you.

[Ann]

newbie2, thanks for the input but what I do not understand (and if anyone here does please explain) why if both mortgages were not reaffirmed why would it have been sent to a collection agency? If you are not personally liable after discharge and no reaffirming how can that be sold? I was under the assumption you cannot be contacted for a debt you no longer are obligated to pay? Am I missing something here? Can anyone help with this one?

[biotechsolution]

Ann. It is easier for the PNC to hold on to the 2nd and sell it to a collection agency if your is way underwater on the first. If you not that far underwater then they can hold onto it themselves until the values start going up. Then when your house is worth say 30K more than your first when they foreclose they can get say 20K from the 2nd.

You're right in the fact that they can't contact you to collect on the debt but the debt is secured by your house. The house in theory still owns the debt so whomever owns the house owns the debt.

[albacore44]

In theory, yes, but the 2nd would have to buy out the 1st at Auction. I have been studying this for some time, and I have yet to find a single example, where 2 seperate banks held the 1st and 2nd, then the 2nd foreclosed. I think a lot of the banks are sitting on these delinquent 2nds and not quite sure what to do.

[HHM]

Let me ask the obvious question, the person on the phone offered to have speak with her supervisor, did you ever say, okay, connect me? (not that such a tactic would have done any good, but is the obvious hole in the story).

[tobee43]

newbie2, thanks for the input but what I do not understand (and if anyone here does please explain) why if both mortgages were not reaffirmed why would it have been sent to a collection agency? If you are not personally liable after discharge and no reaffirming how can that be sold? I was under the assumption you cannot be contacted for a debt you no longer are obligated to pay? Am I missing something here? Can anyone help with this one?

ann....what did you check on your petition in the box????...you are asked..are you reaffirming.....surrendering...etc.

the house is the collateral so the reason that you keep getting collection calls is while you didn't re-affirm...you most likely still are either still behind on your payments or have not satified some part of one of the agreements you have with your 1st and or 2nd .

even tho your home was exempt when you filed. that simply means you can keep in under the exemption laws of your state...or federally, which ever way you may have filed ...etc.

however, that does not mean you don't have to pay on it because it was listed and discharged. (if your still in the house).

go TO the bank if you have to....see a HUMAN...it takes time but it will be well worth your while in the end.

a second usually cannot foreclosure on the house unless the house has a percentage of equity that would serve the holder of the seconds best interest...doubltfull in todays market...however, not impossible. remember the 1st would have to be paid in full before the holder of the second can lay a hand on a pennies of the proceeds.

fact remains...even tho you didn't re-affirm you did not surrender...so they want something from you. either money or the house.


best of luck!!

[biotechsolution]

Yes but they can sell off the 2nd to a collection agency. The collection agency will just hold on to the 2nd until the home values rise. Adding penalties and interest every day.

[tobee43]

Yes but they can sell off the 2nd to a collection agency. The collection agency will just hold on to the 2nd until the home values rise. Adding penalties and interest every day.

that's a terrible thought and could make life miserable for someone.