Question on second

[Lajazz947]

WF, Not a word from them in about 11 months.

Both 1st and 2nd discharged.

Just got approved for a modification on the 1st although I am waiting for paperwork. Confirmed modification three times over the phone with them.

I owe WF $50,000. Back payments total less then $2500.

I might offer them $5,000 just to see what happpens. With the principal reduction of about $70K or so from my 1st I might actually have some equity even taking the 2nd into account but I am not sure.

Because of this I sometimes worry that I am missing something . Shouldn't WF do SOMETHING?????

Call me, write me, anything, or are they just too bogged down to deal with a lousy $50K right now?

Any thoughts?

[beachymama]

That is great that you got a principal reduction on the first. I would try settling the 2nd with that 10%.

Good luck!

[albacore44]

$50K ?? A pittance. They probably have bigger fish to fry

[2manybills]

Keep me posted on this lajazz! My bank is Wells. I've still been paying them every month, but think I better stop to start being a position to settle with them.

[Lajazz947]

Keep me posted on this lajazz! My bank is Wells. I've still been paying them every month, but think I better stop to start being a position to settle with them.

Still waiting for my doc's but I spoke with the service rep today who confirmed the following:

8% reduction in principal ( $58,000 ). not much according to HIM because I actually had some equity in the house according to their appraisal.

5.3% fixed for 40 years.

Payment is really the same as the neg am payment but over $2200 less than the fully amortized 30 year payment was so if I actually make the full previous payment I will be able to pay the house off in less than 18 years.

Overall I am EXTREMELY happy.

Now I need to know what to do about my second since I now definitely have enough equity for them to foreclose.

Thoughts?

[CCCrazy]

$50K ?? A pittance. They probably have bigger fish to fry

50K is not a pittance since I just settled my 42K second with WF for $4,200 - I wired them the funds today. I had to be VERY proactive with them, and I told them I would walk if they didn't settle. They also hold my first which I was current on and my house was upside down about 20K with just my first. LaJazz, keep harassing them since they cannot call you or even return your calls since you BK'd on them - that's what my negotiator told me one time I was lucky enough to reach her. Have you been assigned a negotiator? Are you calling this direct number? 866-970-7821? I only had to send them a hardship letter since the loan had been BK'd. Good luck to you!!!