Wells Fargo Home Equity Line Settlement

[2manybills]

I just wanted to post an update to my previous posts about attempting to settlement my home equity line with Wells Fargo. What I determined was that our loan was charged off in August and is now in the Wells Fargo "Liquidation" Department. I also found out that our home is now valued at $40K less than it was last year at this time. So I sent Wells a letter attempting to settle for $15K on a $200K loan. I was contacted by the liquidation department and he advised me that he discussed this with his manager, and he thought that if we can bring this amount up to 10% of the loan balance, that we probably could get it done. I agreed to offer $20K and he has sent it up for managerial approval. I will post once we get approval and hopefully, it will get done within the next week or so.

[sunshinepa]

Sounds like you'll get approved. Not a bad deal! Do you get to make payments or is it a one time payment, just curious.

[2manybills]

Sounds like you'll get approved. Not a bad deal! Do you get to make payments or is it a one time payment, just curious.

This will be a one time shot.