Anyone have experience with Wells Fargo?

[CCCrazy]

I finally took the step today and contacted WF Home Equity BK Dept. I told them I wanted to settle on my 2nd with a full lien removal and the guy gave me his name, extension and fax number so I can fax my settlement offer. My house is worth 152K with 171K on my first mortgage, and I have an equity loan of 42K on top of that. I plan to offer 10% paid over 12 months with a full lien removal. Sound good? I stopped paying two payments ago and you can see I was discharged in Chpt. 7 on June 30.

Does anyone on here have experience with settling with WF on 2nd mortgages? How many times should I expect them to lose my paperwork? Any input is greatly appreciated...

[CCCrazy]

Oh, and I did not reaffirm anything...

[Houseofcards]

I will be watching closely for any updates to your situation - we may be in your situation soon - our 2nd is with WF as well.

Good luck with your offer

[StartingOver08]

Wells Fargo is pure evil. They are one of the most uncooperative lenders around. I have to negotiate short sales with them, and they play every dirty trick in the book, plus some. Be prepared to send your documents several times. In one recent negotiation they lost the same set of documents 11 times, yes, eleven times. It is pretty much understood that Wells has you fax the documents straight to a shredder! If you e-mail the documents, they lose them. If you FEDEX the docs, they claim they were never delivered...you get the idea.

The key with them is persistence...and get away from the loss mitigation dept. They are totally useless.

Here is an interesting link about Wells Fargo http://www.thinkbigworksmall.com/myp.../12152/1096791

BTW, I'm not saying don't negotiate. I am saying be persistent and find someone further up the food chain.

[CCCrazy]

Thanks for the heads up...looks like I might be doing this for months!!!

[RainMoM]

Thanks for the heads up...looks like I might be doing this for months!!!

More like years .. If you can find someone else to work with, do it.. Wells fargo is by far the worst company I've come across in a very long time ! Plan and simple, there just ruthless !

[CCCrazy]

Ugh...I wish I could find someone else to work with...but I can't...WF holds the lien on the 2nd mortgage and if i want to get that lien fully removed I have to work out a settlement with them.

Here's a new question, has anyone had a positive outcome with WF and loan modifications or settlements?

[RainMoM]

Nope, can't say i ever heard of any thing positive about WF.. Here's a tip tho, make sure you do a follow up call, if you have to fax papers off to them , they tend to loose your file at lest 3 times good luck, hope it works out for you !

[StartingOver08]

Nope, never heard of anything postive with WF - but that does not mean it hasn't happened.

[momisery]

They lost our short sale stuff 3 times, plus the docs we sent UPS and they signed for. They also lost our realtors. They also had our appraiser on their prefered list when we bought the house and prior to this bust we tried to sell our home. He had PUSHED the value up to help sell the home, but you had to use an appraiser that they preferred. They are a bunch of crooks. We never heard anything back on the DIL that we appied for and called on several times. But last week we got a letter from their attorney tell us they would foreclose and that we would not be responsilbe.. not sure that I feel that safe coming from them. We have an attorney and we are taking them down in the BK just incase they come after us in 2-3 years which I think is their plan.. Wait until it turns around and then go after people. I will never do business with them again.. my score was almost 800, never late, and I am almost 60 years old. This recession did us in and took all our savings trying to stay afloat.. so I am angry I would say..

[CCCrazy]

I called WF's BK dept today and was told my 2nd mortgage was charged off - what does that mean? only that it's more then 180 days past due? cause apparently they still own it since they told me to fax in my settlement offer. But then I was told the my BK hasn't been closed yet so they can't deal with me directly until my BK is closed or they get a letter from my attorney saying they can deal with me directly. Great.

But here's the good news anyway. WF told me that my 2nd mortgage is no longer accruing interest or late fees.

[RainMoM]

I called WF's BK dept today and was told my 2nd mortgage was charged off - what does that mean? only that it's more then 180 days past due? cause apparently they still own it since they told me to fax in my settlement offer. But then I was told the my BK hasn't been closed yet so they can't deal with me directly until my BK is closed or they get a letter from my attorney saying they can deal with me directly. Great.

But here's the good news anyway. WF told me that my 2nd mortgage is no longer accruing interest or late fees.

if they told you that your 2nd mortgage is no longer accruing any fees or late charges, get that in writting ! Better to be safe then sorry, then to have some Rep call you in a few months saying you owe X amount of $$$.

[Lajazz947]

I called WF's BK dept today and was told my 2nd mortgage was charged off - what does that mean? only that it's more then 180 days past due? cause apparently they still own it since they told me to fax in my settlement offer. But then I was told the my BK hasn't been closed yet so they can't deal with me directly until my BK is closed or they get a letter from my attorney saying they can deal with me directly. Great.

But here's the good news anyway. WF told me that my 2nd mortgage is no longer accruing interest or late fees.

My second is with WF as well and I am waiting to get my discharge. I had to fax them an OK from my attorney to speak to me as well.

I am about 120 days past due and I met for lunch with a friend of mine who is a bank CEO and I point blank asked him what happens if I am upside down and have a second and he said that they will write the loan off since that free's up loan loss reserves.

Boy, I never thought that a second would just be written off but it IS unsecured at this point so I guess it makes sense.

[dscurlock]

I called WF's BK dept today and was told my 2nd mortgage was charged off - what does that mean? only that it's more then 180 days past due? cause apparently they still own it since they told me to fax in my settlement offer. But then I was told the my BK hasn't been closed yet so they can't deal with me directly until my BK is closed or they get a letter from my attorney saying they can deal with me directly. Great.

But here's the good news anyway. WF told me that my 2nd mortgage is no longer accruing interest or late fees.

knowing WF, it is unlikely they will settle..why would they
want to make your life any easier?

[DeadManCrawling]

. . .

Oops, I misread something in the original post and was guilty of giving misinformation.

Removed, and my apologies