WF/Wachovia

[Lajazz947]

I sent the letters out to them today asking them to research the loan since each claim to be 1st lien holder.

Coincidentally I got a call today from WF asking me if I needed help modifying the HELOC. I am about 6 months behind on a $50,000 HELOC, nothing outrageous in terms of payments.

They asked me (again) to send them a hardship letter.

I think that I will wait to see what happens with their review of who is in first.

I think that MAYBE they think that they ARE in 2nd and are unsecured so they may be making an attempt to work something out.

Thoughts?

[CCCrazy]

Modifying your HELOC?!!?! But it's been discharged, so I assume you would never consider such a thing. I've never received an unsolicited call from WF about my equity loan. Sure does sound to me like they know they are in the 2nd position.

[DeadManCrawling]

CCCrazy, you haven't been following this one, or maybe missed some details.

BOTH loans are claiming to be in first position, so until that matter is settled, it makes sense to treat both as first position. No offense meant, and I don't at all mean to appear condescending. Many posts and people on the forum, hard to keep track of all of them.

LaJazz, you have a very interesting case, and I will be hopeful it ends in your favor. In any case, the info you share is valued and we are watching to see what comes of this quagmire

[CCCrazy]

No problem DeadMan, it just seems a little ridiculous that WF is claiming to be in first position since it's a HELOC which implies that there was already a house there with equity in the first place before the line of credit was given. WF knows they are wrong and there only option is to settle eventually.

[DeadManCrawling]

the problem was that the second was recorded first with the County. In that jurisdiction, whoever records first is legally in the first position.

LaJazz, sorry for re-explaining. Wish I had some sort of answer to help.

[mickeyme]

I just joined the forum so I am sorry if the following info is not helpful.
WF had a HELOC product that was a first position lien, thought I am not sure if they still offer that loan. It worked just as a normal HELOC and was designed for the borrower who had equity in their home or was making a large down payment but still wanted access to the money. For the borrowers who paid principle & interest the paid balance would become open for withdrawl within the loan guidelines. Great product when PRIME was low but not so good when PRIME was hitting 9%. So it could be possible that the HELOC is in first position.

[Lajazz947]

the problem was that the second was recorded first with the County. In that jurisdiction, whoever records first is legally in the first position.

LaJazz, sorry for re-explaining. Wish I had some sort of answer to help.

That's the issue and I think that someone will have a battle with the title company.

In the meantime I do treat both as in 1st position.

I would actually hope that WF IS in 1st since that strengthens my bargaining power with WACH who has the much larger lein.

I will always share what I can.

By the way WACH told me that they are SO backlogged in the BK dept that I might be there for another 6 weeks which takes me to over two months since my case was closed.

Fortunately for the board I have had a host of strange problems so I have lots of stories but so far I have made it through with no major damage.

[DeadManCrawling]

It would be fascinating, and great for you, if the larger lienholder ends up unsecured.

Will be watching this closely.

Wonder about equity and foreclosure, though in the event the smaller lender has first position legally. May be able to negotiate something in your favor though, and could end up with one hell of a deal.

[Lajazz947]

It would be fascinating, and great for you, if the larger lienholder ends up unsecured.

Will be watching this closely.

Wonder about equity and foreclosure, though in the event the smaller lender has first position legally. May be able to negotiate something in your favor though, and could end up with one hell of a deal.

The way I understand it if WF is in 1st they CAN foreclose but then they are simply paid off by Wach to protect their interests.

Wach won't want to do that since they then will have $50,000 more to deal with on a home that has barely enough (I think) equity to cover their loan.

For those that want to know the numbers I owe:

$730,000 to Wach
$50,000 to WF

The home accross the street sold for about $800,000 but has 400 square feet more than ours.

I think that my house is more likely to sell in the $750,000 range but then take comission and other fees out of it and you will probably net about $675,000 or so.

My guess is that no one wants that since I am perfectly willing to pay the obligation with both banks if they lower my entire balance to $750,000 and give me a 40 year loan at market rate.

My fully amortized payments would be reduced by $2000 per month and I could keep the home.

Now, if WF IS in first I can modify them and try knock $50,000 off of Wach's loan and have them give me the same terms and I save $2200 per month on the fully amortized payment.

At the rates that I have been hearing about, 2% it looks even better.

I can always amortize myself to a 30 year or less if things get better for me.

In any case it IS interesting.

[DeadManCrawling]

I think I would push this hard.

Banks are making increasing numbers of mistakes as things unravel further and wider.

You never know. Maybe WF foreecloses but it gets lost in Wachovia's BK/Foreclosure wing. You could end up with one hell of a windfall. I would be thinking of ways to spin this to my benefit.

Moral? Depends on whose morals. Certainly the banks have none, and a little of their own medicine is good for you, the debtor.

Just thoughts. Hope it goes well, either way.

[Lajazz947]

I think I would push this hard.

Banks are making increasing numbers of mistakes as things unravel further and wider.

You never know. Maybe WF foreecloses but it gets lost in Wachovia's BK/Foreclosure wing. You could end up with one hell of a windfall. I would be thinking of ways to spin this to my benefit.

Moral? Depends on whose morals. Certainly the banks have none, and a little of their own medicine is good for you, the debtor.

Just thoughts. Hope it goes well, either way.

Oh don't get me wrong. The moral's that I have are toward's the little guy, not the banks.

I would not break the law to get a large windfall but I will sure make them fight for what they want.

US bank repo'd my wife's car WHILE WAITING FOR ME TO RETURN THE PURCHASE DOCUMENTS THAT THEY DELAYED IN SENDING OUT TO ME.

It took weeks for my wife to get over the shock and embarrasment of a 1:00 AM repo from our fenced driveway while they held my poor old dog by the collar.

When I complained they really said too bad. No wonder I BK'd them.

WF took money from my account AFTER I had sent what I could to pay them a CC bill. It was not enough so they took my checking account money and my house payment bounced.

Then they tacked on bounced check fees so I ended up on Chexsystems. If they had just worked with me at first Ii would have been nearly paid off with them by now.

Banks? They get no mercy from me.

[Lajazz947]

So I get a letter today from WF saying that World Savings never submitted a subordination request.

WF is saying emphatically that they are in 1st.

WACH has not replied yet but it should be interesting.

At least I got a letter today from the IRS saying that I passed my 2006 audit so I owe nothing.

[DeadManCrawling]

This IS getting interesting.

I will pull up a chair, pop open a beer and get ready for the show.

[Lajazz947]

This IS getting interesting.

I will pull up a chair, pop open a beer and get ready for the show.

A Corona and a good cuban cigar for me.

I have sisters in Miami and Lakeland. Where are you located?

[Lajazz947]

Spoke to WACHOVIA today and the matter of "who's on first " is with "senior management" what ever THAT means.