Has anyone settled or been sued for Wells Fargo HELOC?

This is my last one to deal with. Has anyone settled or been sued for Wells Fargo HELOC? Anybody with a Wells HELOC that has been charged off, please let me know anything you can. Mine was charged off today.

13 Answers

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Wells Fargo is horible on settling 2nd mortgages. they want 75% of balance or bankruptcy. I know because that is what they offered us.


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Go Gators


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Please check loansafe.org for advice. Lots of good article for setteling HELOC 


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Help! I live in MI. My HELOC went into default with BOA at $56k and then sold to 
Greentree (GT) in 2010. I immediately wrote GT and told them not to call me only 
write. I never heard nothing from GT and had a "paid charged off" by GT on my 
credit report. I am now being sued by GT thru a MI lawyer for $50k. What should 
I do? How much do you think GT will settle for with lump sum payment?

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Wells Fargo is evil


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You should pay it off.  You use the money to live high on the hog and now its time to slaughter the pig and pay back the piper. 

 


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I reecived a default notice from B of A on my HOLOC loan and my first is upside down by 50,000 but the payments or current. I have ask for a modification but most of my friends say I should due a chapter 13 or try and settle with the bank for 5% (which will be $8,250) since I owe $165000 but I only have $4,000 what should I do?


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My understanding is that once you have reached the foreclosure stage (which in my state is 120 days late), they will pull the credit report and see if you are current on the first, then they will do a BPO to figure out if there is any equity in the property. If you are upside down they will most likely settle with you or they just wait it out until property values go back up.

On the short sales I have done the 2nd usually gets so little it's pathetic. A 10% settlement would be more than the first mortgage holder will give them when they short sale it. In a foreclosure they will probably be completely wiped out so they are unlikely to pursue foreclosure. They realize they are better off just waiting it out or if behind on the first mortgage, let them do the foreclosure and not spend any further money on collection.

Let us know how it goes. Unlike unsecured debts, they have the privilege of just waiting and looking at it again a year or two from now.


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Hi dan
my guess is that you will get a good settlement offer from wells
especially if you are really upside down on your mortgage.

I have heard , on other web sites of 5% - 10% settlements on underwater 2nds

if you have equity in house.... then it will be much more difficult to settle

last one to settle ! that is great ! congrats


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I am being sued by WF on a HELOC in Florida. The interesting thing is that they are suing me based on breach of contract, unjust enrichment and account stated - not a a foreclosure. My understanding was always that a HELOC is like a huge credit card sitting on your house. If it was a straight foreclosure, I would be better equipped to handle the lawsuit. But since it is a HELOC and I unsure of the best way to defend.
The first lien holder has not sued me yet (but it is on the way) and I currently have the house listed for sale. if anyone has some advice on how to handle this, I would greatly appreciate it.


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