Wells fargo second

[Lajazz947]

I have not made a payment in 10 months with not even a peep.

1st is current.

What do I do?

[albacore44]

Glad to see you back. From my research just wait. if your underwater they wont do anything. sooner or later, they should send you a settlement offer. I'm 4 months late and just plan to wait it out. I know the wait is unnerving.

[marchelala]

do you think they will send a settlement offer? ( I am in a same boat as you are - 4 months or so late, and not a word from them. They did sent some kind of letter saying there are non-profit org's for troubled homeowners available. and that's it.

[Alex]

Wells fargo

Has anyone had any experience with wells fargo home mortgage in chapter 7 bankruptcy? For example how long do you think you can go with them without making a payment before they lock you out.

Alex

[pcn]

Glad to see you back. From my research just wait. if your underwater they wont do anything. sooner or later, they should send you a settlement offer. I'm 4 months late and just plan to wait it out. I know the wait is unnerving.

But what if you're on the edge of being underwater? I wonder how we gauge our risk? I've seen all sorts of estimates on what it costs a bank to foreclose, from a few thousand to 30k. You'd like to think that amount, whatever it was, would be factored into the bank's foreclosure calculation.

[dm415]

Are you prepared to walk from the house if you cant settle?If so then you are the one in control.

[2manybills]

I'm 7 months and no payment with Wells. They never formally declined my settlement offer, just via telephone.

I will be sending another letter, but thought I would let it sit a bit more.

[albacore44]

I'm just waiting it out. In my research so far, i have found no examples of a major bank forclosing on a 2nd that was underwater, or close to it, when the 1st was held by a different bank. i have heard of some who had private money lenders who held the 2nd try to foreclose. we shall see.

[2manybills]

I'm just waiting it out. In my research so far, i have found no examples of a major bank forclosing on a 2nd that was underwater, or close to it, when the 1st was held by a different bank. i have heard of some who had private money lenders who held the 2nd try to foreclose. we shall see.

That's what I'm doing Albacore. I'm planning to do another letter to Wells in the next week or so. I figure, if I had to pay more than $20K, I'd rather put that money into another house down the line.

[max11]

Too Many Bills,
What percentage did you offer Wells on your 2nd?
Did they ask for proof of your income and assets.
I also have a 2nd I haven't paid in 16 months.
Did not reaffirm, not sure what to offer.
The amount I owe on my first is about what the house would sell for.
It may sell for a little more tho'

[2manybills]

Too Many Bills,
What percentage did you offer Wells on your 2nd?
Did they ask for proof of your income and assets.
I also have a 2nd I haven't paid in 16 months.
Did not reaffirm, not sure what to offer.
The amount I owe on my first is about what the house would sell for.
It may sell for a little more tho'

I offered 8%. They asked if they could do a BPO on the property. I said okay. They came back that the house would give them $40K in positive equity. I said well, if the BPO came in like they said with $60K above, and I know a foreclosure in our neighborhood sold for exactly what I owe on my first, after they paid off our 1st and all of the foreclosure costs, they are more like $20K, or 10% of our balance. So I will send them that. We have pulled together that much money, but they haven't asked for that. The guy never calls back. I now have found a list of emails for Wells that I will send my letter to. If anyone needs it, I will post.

[marchelala]

Question - did you contact them first ot Wells did ? And after how many months of non payment? Thanks!

[2manybills]

Question - did you contact them first ot Wells did ? And after how many months of non payment? Thanks!

I contacted Wells at the local number and got their fax number. That's the first place I started. Then I got a call from this guy from their Loan Mod Department. I don't want to mod my loan, I want to settle it.

[albacore44]

That's what I'm doing Albacore. I'm planning to do another letter to Wells in the next week or so. I figure, if I had to pay more than $20K, I'd rather put that money into another house down the line.

I'm just waiting. I haven't paid HSBC in 4 months, and they still havent acknowleged I filed BK and discharged their loan they still send me the same stupid statement with a note that every month i'm late they are ordering a property inspection and a title search, thats a code for we are adding charges to your loan. what bozo's. the debt was discharged. I owe them nothing. My credit report even says their loan was paid in full and is not reporting negatively. not sure how that happened, but I'm good with it. Citi (my 1st) acknowledged right away that I filed, and changed the statement to read "this is not an attempt to collect a debt"

[2manybills]

I'm just waiting. I haven't paid HSBC in 4 months, and they still havent acknowleged I filed BK and discharged their loan they still send me the same stupid statement with a note that every month i'm late they are ordering a property inspection and a title search, thats a code for we are adding charges to your loan. what bozo's. the debt was discharged. I owe them nothing. My credit report even says their loan was paid in full and is not reporting negatively. not sure how that happened, but I'm good with it. Citi (my 1st) acknowledged right away that I filed, and changed the statement to read "this is not an attempt to collect a debt"

I've always received my statements as normal from GMAC on the 1st. Wells sends statemens every month with no extra charges, saying they are not attempting to collect a debt, this is for informational purposes only. My credit report shows Chapter 7 included in bankruptcy. Balance Due - 0.