Wells Fargo HELOC-Latest

[2manybills]

The guy from Wells Fargo called me back today. He said that the mini appraisal came back to match what they already had regarding our house and that they say there is a $40K "positive" equity in our house. That would be about 20 cents on the dollar.

Is that about the average of what these are settling for between 10 to 20 cents on the dollar? Or is it really depending upon equity, etc.?

[Brazzy]

Its mostly depending upon urgency. You have to understand that you are settling this just for the sake of settling it. Its not facing foreclosure, its not a short sale, its just because you want it off your back. If it were a short sale that was avoiding foreclosure you could easily say heres $5k and tell them to piss off. They have the leverage of waiting it out. I know in the previous thread everyone thought they had the right answer. One of my many roles with another creditor is negotiating short payoffs on home loans (due to mortgage experience). In this situation it is strictly a numbers game. Counter with a low ball offer and see what happens. Just as a heads up you might run into a negotiator with authority similar to mine. Basically I can set my number in stone and say take it or leave it in this situation. It doesnt hurt to try, but just giving you a heads up that you could run into a prick like me.

[2manybills]

Its mostly depending upon urgency. You have to understand that you are settling this just for the sake of settling it. Its not facing foreclosure, its not a short sale, its just because you want it off your back. If it were a short sale that was avoiding foreclosure you could easily say heres $5k and tell them to piss off. They have the leverage of waiting it out. I know in the previous thread everyone thought they had the right answer. One of my many roles with another creditor is negotiating short payoffs on home loans (due to mortgage experience). In this situation it is strictly a numbers game. Counter with a low ball offer and see what happens. Just as a heads up you might run into a negotiator with authority similar to mine. Basically I can set my number in stone and say take it or leave it in this situation. It doesnt hurt to try, but just giving you a heads up that you could run into a prick like me.

Pretty basically he said that at this point they will not take anything under what their "positive" equity is. I just missed my 4th payment or 90 days late I guess. i may rise it out for a couple more months and see where we are then. Although this guy was trying to tell me that a foreclosure only costs the bank about $30K. I don't think so.

At the end of the day, like I said to my sister, if I were still paying on this at $750 a month, 2 years from now, I wouldn't have paid a dime towards the principal. At least with this, it's gone.

[Brazzy]

Pretty basically he said that at this point they will not take anything under what their "positive" equity is. I just missed my 4th payment or 90 days late I guess. i may rise it out for a couple more months and see where we are then. Although this guy was trying to tell me that a foreclosure only costs the bank about $30K. I don't think so.

At the end of the day, like I said to my sister, if I were still paying on this at $750 a month, 2 years from now, I wouldn't have paid a dime towards the principal. At least with this, it's gone.

The cost of foreclosure depends on a lot of things. Typically the cost for actually going through the process is not that expensive because they higher firms to do it for them in bulk. It depends on the area as well as the value of the home to determine what the recoup is.