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    #61
    Originally posted by albacore44 View Post
    settle for less than the entire balance
    Add "significantly" before "less" and you've got my opinion...

    How much are you underwater? What were the balances?

    Good luck.
    No person in their right mind files a Ch. 13 with lien strip pro se. I have.Therefore, please consider me insane and clinically certifiable when reading my posts, and DO NOT take them as legal advice of any kind.Thank you.

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      #62
      Originally posted by albacore44 View Post
      settle for less than the entire balance
      Thanks for your reply.
      The 2nd balance due is $296K and the most we can come up with is $10K.
      Since the 2nd has not contacted us in over a year, I have let sleeping dogs lie ........
      You would think they would send us "informational only" statements ?
      Were you able to settle your 2nd ? Any strategies and tactics that you can share ?
      If you have covered this in an earlier thread, let me know and I will try to find it.

      Comment


        #63
        Originally posted by shark66 View Post

        How much are you underwater? What were the balances?
        The 2nd has some equity - perhaps as much as $150K.
        But if we let the house go into foreclosure by stop paying on the 1st, the 2nd would not get much given the foreclosure sale discount of 25% and past balances due.

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          #64
          Originally posted by albacore44 View Post
          settle for less than the entire balance
          Albacore: Did you ever settle? My HELOC at Wells is charged off for sure now Haven't made a payment for over a year. First round last year (too soon because they didn't charge it off yet) I offered them $15K on a $200K loan. They came back and wanted $40K. Just sent out letter again. The market is worse now and we'll see where I go.
          Filed Chapter 7: 7/3/09
          341 Hearing: 8/6/09 - Went Smoothly!
          Discharged: 11/30/2009
          Closed: 12/16/2009

          Comment


            #65
            Hi All,

            Havent visited for a while. Wanted to check if people successing settling their second. My second is with WF with 100K - did not make any ayments for a year, havent heards a word from them. First with BoA for $360 and current. Both discharged. Zillow estimate is 315K. Planning to start negotiation in a month or so.

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              #66
              Originally posted by marchelala View Post
              Hi All,

              Havent visited for a while. Wanted to check if people successing settling their second. My second is with WF with 100K - did not make any ayments for a year, havent heards a word from them. First with BoA for $360 and current. Both discharged. Zillow estimate is 315K. Planning to start negotiation in a month or so.
              I sent my letter to WF about 3 weeks ago. No word. I will post when I hear. Plan on calling in about a week if no word.
              Filed Chapter 7: 7/3/09
              341 Hearing: 8/6/09 - Went Smoothly!
              Discharged: 11/30/2009
              Closed: 12/16/2009

              Comment


                #67
                Originally posted by 2manybills View Post
                I sent my letter to WF about 3 weeks ago. No word. I will post when I hear. Plan on calling in about a week if no word.
                what was your initial offer ?

                Comment


                  #68
                  Originally posted by marchelala View Post
                  what was your initial offer ?
                  $15K on a $200K balance. The balance on my first mortgage is $368K and I just got a BPO on the house for $405. I've offered 8% so I think that is fair.
                  Filed Chapter 7: 7/3/09
                  341 Hearing: 8/6/09 - Went Smoothly!
                  Discharged: 11/30/2009
                  Closed: 12/16/2009

                  Comment


                    #69
                    Where do you go about figuring out how much equity you have? We owe 233k on 1st, 27k on second. Zillow estimates value at 260k, which would mean equity. But it seems high to me, before 2008 maybe. Right now I'd guess 240k. Just don't know. 2nd is with PNC. Got a letter from them a while ago and did not respond. Was thinking of offering 10-15% to settle? But after I go back to full time in the fall. Don't have all the cash at hand unfortunately.

                    Comment


                      #70
                      Originally posted by midnight View Post
                      Where do you go about figuring out how much equity you have? We owe 233k on 1st, 27k on second. Zillow estimates value at 260k, which would mean equity. But it seems high to me, before 2008 maybe. Right now I'd guess 240k. Just don't know. 2nd is with PNC. Got a letter from them a while ago and did not respond. Was thinking of offering 10-15% to settle? But after I go back to full time in the fall. Don't have all the cash at hand unfortunately.
                      I actually got a BPO for my house, but I know that Zillow is always a little high.
                      Filed Chapter 7: 7/3/09
                      341 Hearing: 8/6/09 - Went Smoothly!
                      Discharged: 11/30/2009
                      Closed: 12/16/2009

                      Comment


                        #71
                        What is a BPO?

                        Comment


                          #72
                          Broker's Price Opinion. About a year ago, Wells hired this guy to give his BPO on our house. I ended up going back through him for a new one.
                          Filed Chapter 7: 7/3/09
                          341 Hearing: 8/6/09 - Went Smoothly!
                          Discharged: 11/30/2009
                          Closed: 12/16/2009

                          Comment


                            #73
                            Originally posted by 2manybills View Post
                            Albacore: Did you ever settle? My HELOC at Wells is charged off for sure now Haven't made a payment for over a year. First round last year (too soon because they didn't charge it off yet) I offered them $15K on a $200K loan. They came back and wanted $40K. Just sent out letter again. The market is worse now and we'll see where I go.
                            No not yet. Don't really have the $$$ for a settlement.

                            So many foreclosures here, prices are all over the map. Example, When I bought this house new in 2003, i was very lucky it is a very large 1 story. There was a waiting list to get this model. well, i met a new neighbor yesterday who moved in to a foreclosure (my model) 4 weeks ago in turn key showcase condition. they paid $430k to an invester who bought the house at auction, foreclosing bank must not have bid, and the invester flipped it without doing anything to it. it had lots of extras, pool, custom outdoor fireplace, nice interior, etc. prior owner owed $800k, the bank would not modify, so they walked and the bank ate a big chunk of $$$.

                            now this neighbor got a great deal on a dream house

                            New Neighbor #2 bought same model 2 weeks ago. non foreclosure $500K, and not near the condition as the foreclosure. In my opinion, he payed way too much considering the condition of that foreclosure

                            I owe $417K on my 1st, $242k on the 2nd, both discharged. i stopped paying 2nd april 2010, and have not heard a word from them since last august. will the 2nd foreclose ?? Who knows ?? The market is still sinking, and i think we are a long way off from a recovery.
                            Stopped Paying CC's 2/2009. Retained Attorney 1/10/2010 Filed 1/23/2010. Discharged 5/19/10 $187K CC, $240K 2nd,$417K 1st, No asset Ch-7

                            Comment


                              #74
                              Originally posted by albacore44 View Post
                              No not yet. Don't really have the $$$ for a settlement.

                              So many foreclosures here, prices are all over the map. Example, When I bought this house new in 2003, i was very lucky it is a very large 1 story. There was a waiting list to get this model. well, i met a new neighbor yesterday who moved in to a foreclosure (my model) 4 weeks ago in turn key showcase condition. they paid $430k to an invester who bought the house at auction, foreclosing bank must not have bid, and the invester flipped it without doing anything to it. it had lots of extras, pool, custom outdoor fireplace, nice interior, etc. prior owner owed $800k, the bank would not modify, so they walked and the bank ate a big chunk of $$$.

                              now this neighbor got a great deal on a dream house

                              New Neighbor #2 bought same model 2 weeks ago. non foreclosure $500K, and not near the condition as the foreclosure. In my opinion, he payed way too much considering the condition of that foreclosure

                              I owe $417K on my 1st, $242k on the 2nd, both discharged. i stopped paying 2nd april 2010, and have not heard a word from them since last august. will the 2nd foreclose ?? Who knows ?? The market is still sinking, and i think we are a long way off from a recovery.
                              It's like that everywhere. We are in South OC, we have one guy that paid $700, they have been negotiating with BofA for two years, the BPO I got says we are are $405 value wise. Then we have houses where people went out and bought another house at a better deal and left this house to go to foreclosure. That house has squatters living in it.

                              I'll post when I hear from Wells. It's been 3 weeks now and not a word. I won't give them anymore than this. They aren't going to be able to foreclose on your house (as well as mine) because they would have to pay the first lien off first, and costs of foreclosure which would leave them no $$$. The old Wells phone numbers I had don't even work anymore.
                              Filed Chapter 7: 7/3/09
                              341 Hearing: 8/6/09 - Went Smoothly!
                              Discharged: 11/30/2009
                              Closed: 12/16/2009

                              Comment

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