Wells fargo

[Lajazz947]

By the way, for those of you with WF here is a ray of hope:

I know each person has a different experience but my neighbor accross the street told me on saturday that his experience with WF on the modification was a snap.

He had real troubles with the Refi and ended up selling the house. ( I think he short sold it). Never tried to modify and then they sold the house and got a call from WF right away.

He knocked off $2000 from his payment.

Hope this helps someone.

I have WF for my 2nd so we will see what happens.

I sent the following letter and got an e mail the next day telling me that they had gotten it.

At least they acknowledged the letter. i sent it to everyone at WF via e mail and by regular mail.

I am writing this letter to explain my unfortunate set of circumstances that have caused us to begin to become delinquent on our 2nd mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to settle our loan in full.

As I am sure you are aware, we have been discharged in Chapter 7 bankruptcy and are free to just walk away from this obligation. At the same time a loss of income forced me to withdraw retirement plans leaving me with a tax bill that must be paid over and above all other obligations.

I also have a student loan that must be repaid as well.

At this time, I am writing to you to see if we can settle this HELOC loan for 10% without interest to be paid in full within 60 months. We have the means to obtain this amount of our settlement offer now. Obviously if we were to just foreclose, your chances of receiving any payment at all is bleak at most due to the fact that the 1st is barely covering the home value.

We would appreciate your consideration to accept our proposal for settlement.

Sincerely,

[CCCrazy]

Lajazz, are you saying that you offered to make monthly payments for 5 years? Or are you asking them to accept a 10 percent settlement with the understanding that at some point you will send them the full payment within the next five years?

I sent WF a letter in early Sept. saying I was willing to make monthly payments over the next 2 years to settle my 2nd at 10 percent. I actually received a phone call back saying that they could only accept a payment in full offer. I'm not able to do that at this time, but I will be by late 2010 or early 2011. And home prices certainly aren't sky rocketing anytime soon. I continue to pay my 1st to WF.

Please keep all of us posted on what happens with you.

[Lajazz947]

Lajazz, are you saying that you offered to make monthly payments for 5 years? Or are you asking them to accept a 10 percent settlement with the understanding that at some point you will send them the full payment within the next five years?

I sent WF a letter in early Sept. saying I was willing to make monthly payments over the next 2 years to settle my 2nd at 10 percent. I actually received a phone call back saying that they could only accept a payment in full offer. I'm not able to do that at this time, but I will be by late 2010 or early 2011. And home prices certainly aren't sky rocketing anytime soon. I continue to pay my 1st to WF.

Please keep all of us posted on what happens with you.

By accident I was a little vague in the letter. I was willing to make payments but I know that this is probably a bit much if they settle for 10%.

Settle and I'll get the money SOMEWHERE.

Does this trigger a 1099 for the difference? is there any way to get around the 1099 issue?

Thanks,

[CCCrazy]

If it was discharged in your BK, there will be no 1099. Did you discharge both mortgages?

[Lajazz947]

If it was discharged in your BK, there will be no 1099. Did you discharge both mortgages?

I listed them on my petition and did not reaffirm so they are discharged.

[DecentHuman]

Wells Fargo emailed you?

I sent the following letter and got an e mail the next day telling me that they had gotten it.

At least they acknowledged the letter. i sent it to everyone at WF via e mail and by regular mail.

I am surprised they email you because Wells Fargo seems to have a one-way email system. We email them. They don't email back. They ask us to email all kinds of documentation, but they even told me "we are discouraged from emailing back." Guess they don't want to commit anything to black and white - liability, you know.

Amber Hicks in the Executive Office asked me to email her everything and told me straight up she wouldn't be returning any emails to me.

[parkd]

why pay if already bk'd? are you trying to keep the house? why not just not pay wells fargo and move and rent a cheaper place?

[marchelala]

I listed them on my petition and did not reaffirm so they are discharged.

Do you mind sharring your outcome on settling? I am on the same boat - both discharged, secnd w WF for 100K, and I want to settle for 10%. I am current as of now, need to kow where to start

[Struggling11]

Are you able to share the outcome on your settlement request? Did they ever agree?

[AngelinaCatHub]

Are you able to share the outcome on your settlement request? Did they ever agree?

PLEASE DON'T RESERECT OLD THREADS. THIS THREAD IS NEAR TWO YEARS OLD. MANY WHO POSTED ARE LONG GONE AND YOU WILL NOT GET GOOD RESULTS FROM PEOPLE WHO HAVE LEFT.

Start a new thread on your own, give your info and reasons for the question and you are more likely to get help. 'Hub

[albacore44]

Ouch................