Wells Fargo and GMAC...who's first?

[Wantmypeace]

We are filing Ch.7 in February, and I just missed my second payment on my mortgages.

Home value: 185K-ish
1st w/Wells Fargo: 155K-ish
2nd w/GMAC: 180K-ish
3rd w/Greentree: 45K-ish


I'm assuming Greentree isn't going to waste their time with a Foreclosure, because they would get nothing, but I'm curious who you all think will try to foreclose first between Wells Fargo and GMAC. Wells Fargo has MUCH more to gain, but I don't know how they go about deciding who forecloses. Does anyone know?

[shark66]

My guess would be Wells Fargo, since GMAC would have to pay out the first mortgage in full to be able to get anything. I doubt that they would do it - had a second with them once upon a time and they were pretty much a paper tiger even in the days when they could've gotten at least some of their money back...

If what you're stating is a fair value of $185K, Wells Fargo might not be able to break even...buyers are expecting bargains at foreclosure sales nowadays...

My $0.02 only...

Good luck.

[Wantmypeace]

So, if Wells thinks they can barely break even (or not even), then do they put us on the back burner? My uncles house across the street has been "in foreclosure" for almost 3 years now. He's still living there, and he hasn't made one payment. He's just now filing bk.