New loan

WA state is a non-recourse state and from my understanding a non-deficiency state for purchase money 2nds.

I called the debt collector for the 2nd mortgage today and he is baffled as to why Wells sold the 1st mortgage but thought maybe they sold the 1st so they might have some deficiency options on the 2nd mortgage since Wells no longer owns the 1st. He seemed to think that if the 1st and 2nd mortgage companies are different then Wells might have options for the getting a deficiency judgement for the 2nd.

Have you ever heard of this situation or any advice?

As this thread deals only with settling 2nds, I personal loans fast recommend you seek the counsel of a WA professional for assistance in assessing your overall situation. Our attorney was really hoping the phone call would fix the issue but clearly they want to waste as much of our time and money as possible. Been awhile since posting but I have a new question.

I have been following the foreclosures in my area to help my parents buy a house after losing theirs in the April tornado outbreak and also to stay informed on the values in my area and I have noticed several foreclosures on that site only listing the 2nd position loan as the loan in default and the reason for the foreclosure and the loan balances are not high at all.

I did not reaffirm the online payday loans no credit check direct lenders 2nd in our chap 7 so we have not heard a peep from them bad credit unsecured loan yet nor have I contacted them other than to authorize contact for a settlement.

With my my credit having dropped and with a charge off with my 2nd, refinancing is not on option apparently. I have always been current with my first, am employed payday loan direct lender no teletrack and willing to stay in my house. I did read the first post, and then some, but I am not sure if my second is in the money or not.

Houses, the closest comps in our area, are selling between 430 - 500.

Basically we are in a new development where this price range will get you a brand new home across the road in another new development personal loans with bad credit which is making more progress than the development our house is in.

AND we have an pay day loands interest only loan that is going to appreciate in two years.

We really want to get the loan to match the value if at all possible. We are willing to stay in the house a few more years, but only if we can get a principal reduction. Would we have trouble refinancing the primary loan if we stop paying the second? I am probably posting this in the wrong forum, and I appologize. Please let me know if I should ask my question elsewhere, and any advice would be so appreciated! In reviewing the most recent updates, there were questions in which I may have some insight from my experience. The 1st was Primary Financial Services -someone recently inquired of them. I know this is frowned upon in the strategy but read on. And yes, months do go by in which I ignore the calls. I thought if they called back I would hit up family to borrow and let it be done. Needless to say I was livid and said a few words and hung up on them! You would think they would have discussed the bottom line with their client first before offering me the year end special , I told them, it payday loans without checks sounds like games to me. Also, to note, it appears when a settlement conversation does take place, the calls subside for a short time. And after a while, you get numb to the calls, letters, threats, etc. Only question is to what Wisconsin (recourse state) will do once (if) I end up settling with OneWest? Can the bank come after me for the money after settlement? Will whatever is charged off be included as income? Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk cash advance bad credit away legally from their underwater mortgages. Only question is to what Wisconsin (recourse state) will do once (if) I end up settling with OneWest? Can the bank come after me for the money after settlement? Will whatever is charged off be included as income? However, please know that the generally accepted rule is to get the 1st permanently handled before addressing a 2nd. For info about your potential income tax liability attributable to COD income, I recommend you consult with your tax person. I asked them to modify my 2nd and they said I would have to wait until my 1st was finalized, which finally happened.
Would you still advise that I not contact them and make an offer if I can justify their loss through current market value and the fact that I have paid my 1st, on time, for last 12 months? Since you did refinance your first under HARP, that was only possible with the WF HELOC agreeing to subordinate, which they did not legally have to do.

I can only assume now that BOA, the owner of that HELOC, is refusing to cooperate because they already agreed to subordinate, and now a settlement on that subordinated note would then be punishment for them having cooperated with that subordination. If your HELOC was purchase money (and it may not be), it still is purchase money and non-recourse, since it was not refinanced, but instead subordinated. Furthermore, I would clear my mind of the remote idea of a modification on that 2nd. The moneyloan WF HELOC rep stated the 1st would have needed to be HAMPed in order for the 2nd to offer you a 2MP. But who cares - an eventual settlement is nearly always a better financial deal for the borrower anyway. BTW, you have made no serious errors thus far, and have actually improved your financial position with new loan your home. The financial disclosures you made to WF 2nd was a faux pas, but WF will not doubt lose that stuff anyway, LOL. My question is what department as I suppose new loan to be negotiating with? I started getting calls from Wells Fargo Home Preservation to see if I still needed assistance.

I received a notice from Wells Fargo Home Equity Collections Servicing and started receiving calls from the phone number 1-515-324-8000 (although they left the return number as 1-866-992-0966). Should I be returning their calls to negotiate a charge off? I have read the first page and been through a majority of the posts in this thread. Here is my situation I want to keep the house, just try and settle the 2nd. I currently have a foreclosure and new loan a short sale on my credit from April 2011.

My score is currently 676 in about March prior to the foreclosure and short sale, the score was 648.

I expected it to be much lower, but all my other debts have been paid and current. My question is has anyone else been in a similar situation with Wells having both mortgages and how has that worked out?


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Just received a letter that my HELOC was charged off.

Of course the first part of the letter states that they are in the process of reviewing their options for new loan compare loan collection, which may incllude referral to an attorney..... The last paragraph states that they would like to resolve this matter without taking formal collection action and to please call them immediately so that we can attempt to work out a mutually acceptable arrangement for the resolution of serious delinquency and the future repayment of your account.

The strategy states to wait for a settlement offer, doing anything else signals to them that you are worried about this loan. If you decide to respond, I would only respond in writing and state that you prefer to communicate via mail. However, responding could delay a settlement offer.

I got a call from the recovery department and decided to call them back. He said that in 90 days it will most likely go to a collection agency. I got a call from the recovery department and decided to call them back.

He said that in 90 days it will most likely go to a collection agency. Should I ask that it be reported as paid as agreed. My 1st and 2nd (HELOC) are both with Chase and I bank with Chase and have my 1st set to auto-pay. Should I stay as is or should I close my account and transfer all banking transactions to my credit union?

Also, is there a higher risk of foreclose if both 1st and 2nd (HELOC) are with same bank (Chase)? My 1st and 2nd (HELOC) are both with Chase and I bank with Chase and have my 1st set to auto-pay. Should I stay as is or should I close my account and transfer all banking transactions to my credit union? Also, is there a higher risk of foreclose if both 1st and 2nd (HELOC) are with same bank (Chase)? Google set off and that will explain why you should close all accounts. It makes no difference who owns the loans or if it is the same lender for both. I keep telling him that we do not want to talk to them as we might make a mistake and give up some info we do not want them to have.