WF/Wachovia

[Lajazz947]

Ladies and gentlemen:

Spoke to WACH who said they are in first no matter what WF says.

Got a letter from WF today, certified , I'll pick up on Monday.

Lets see what THEY say.

Either its a NOD or a letter telling me I am right and they are in 2nd but something tells me that they would not send that type of letter certified. Am I right?

Oh, brother, if they start to foreclose then I guess I will let WACH know so that they can do what they need to do.

Worst case scenario I CAN come up with the back due on WF but from what I see , hear and read it makes no sense.

I owe $50K to WF
$732,000 to WACH

House is worth about $700K to $750K

I will keep you all posted.

[DeadManCrawling]

Interesting twist, if that is a NOD.

Am following this closely. You could be one of those rare groundbreaking cases that set precedent for this type of thing.

Not sure what outcome would benefit you the most, if any, but it IS fascinating to see these mammoth morons battle it out with one another.

Too bad you are in the middle, of course.

[Lajazz947]

Interesting twist, if that is a NOD.

Am following this closely. You could be one of those rare groundbreaking cases that set precedent for this type of thing.

Not sure what outcome would benefit you the most, if any, but it IS fascinating to see these mammoth morons battle it out with one another.

Too bad you are in the middle, of course.

Fom what I am told either way benefits me since the value of the house is less than $732 ,000 given recent sales in the area.

Personally I think that WF is out of luck and they are the bank I hate the most so I will fight them extra hard.

WACH has indicated that they will work with me on a modification.

Do NOD's usually come certified?

[BKVIGIL]

I thought Wells Fargo bought Wachovia back in 2007 - could that be causing all the confusion?

[Lajazz947]

I thought Wells Fargo bought Wachovia back in 2007 - could that be causing all the confusion?

One would think so but I don't think that is the problem.

Both banks are dealing with me from two seperate dept's and both have told me that they are not involved in one another's business or loans.

I am just going to let them battle it out.

In my opinion SOME judge is going to have to make a decision here.

Let's see what the letter says but I am not sweating it.

I'll keep you posted.

[NewLifeAhead]

sorry.. deleted post incorrect info.

[Lajazz947]

So I got a letter from WF saying that they were in 2nd position.

WACH is in first.

I had originally offered to settle with WF on moral grounds but not for much money and they refused thinking they were in 1st.

Now that they are in 2nd they are now putting together a package for me. Lets see what I do.

Questions:

I know its fairly obvious and I know they are essentially unsecured since the house net value may be JUST enough to cover the first. Legally they are secured.

Is it all all likely that WF would foreclose?

Would there be ANY justfication?

More importantly what happens if I just ignore the whole thing with WF?

Could they foreclose say 10 years from now if values return and I have paid the house down thereby giving them an equity position?

Thanks.