WF/Wachovia

[Lajazz947]

the problem was that the second was recorded first with the County. In that jurisdiction, whoever records first is legally in the first position.

LaJazz, sorry for re-explaining. Wish I had some sort of answer to help.

That's the issue and I think that someone will have a battle with the title company.

In the meantime I do treat both as in 1st position.

I would actually hope that WF IS in 1st since that strengthens my bargaining power with WACH who has the much larger lein.

I will always share what I can.

By the way WACH told me that they are SO backlogged in the BK dept that I might be there for another 6 weeks which takes me to over two months since my case was closed.

Fortunately for the board I have had a host of strange problems so I have lots of stories but so far I have made it through with no major damage.

[mickeyme]

I just joined the forum so I am sorry if the following info is not helpful.
WF had a HELOC product that was a first position lien, thought I am not sure if they still offer that loan. It worked just as a normal HELOC and was designed for the borrower who had equity in their home or was making a large down payment but still wanted access to the money. For the borrowers who paid principle & interest the paid balance would become open for withdrawl within the loan guidelines. Great product when PRIME was low but not so good when PRIME was hitting 9%. So it could be possible that the HELOC is in first position.

[DeadManCrawling]

the problem was that the second was recorded first with the County. In that jurisdiction, whoever records first is legally in the first position.

LaJazz, sorry for re-explaining. Wish I had some sort of answer to help.

[CCCrazy]

No problem DeadMan, it just seems a little ridiculous that WF is claiming to be in first position since it's a HELOC which implies that there was already a house there with equity in the first place before the line of credit was given. WF knows they are wrong and there only option is to settle eventually.

[DeadManCrawling]

CCCrazy, you haven't been following this one, or maybe missed some details.

BOTH loans are claiming to be in first position, so until that matter is settled, it makes sense to treat both as first position. No offense meant, and I don't at all mean to appear condescending. Many posts and people on the forum, hard to keep track of all of them.

LaJazz, you have a very interesting case, and I will be hopeful it ends in your favor. In any case, the info you share is valued and we are watching to see what comes of this quagmire

[CCCrazy]

Modifying your HELOC?!!?! But it's been discharged, so I assume you would never consider such a thing. I've never received an unsolicited call from WF about my equity loan. Sure does sound to me like they know they are in the 2nd position.

[Lajazz947]

I sent the letters out to them today asking them to research the loan since each claim to be 1st lien holder.

Coincidentally I got a call today from WF asking me if I needed help modifying the HELOC. I am about 6 months behind on a $50,000 HELOC, nothing outrageous in terms of payments.

They asked me (again) to send them a hardship letter.

I think that I will wait to see what happens with their review of who is in first.

I think that MAYBE they think that they ARE in 2nd and are unsecured so they may be making an attempt to work something out.

Thoughts?