WF/Wachovia

[Lajazz947]

So I got a letter from WF saying that they were in 2nd position.

WACH is in first.

I had originally offered to settle with WF on moral grounds but not for much money and they refused thinking they were in 1st.

Now that they are in 2nd they are now putting together a package for me. Lets see what I do.

Questions:

I know its fairly obvious and I know they are essentially unsecured since the house net value may be JUST enough to cover the first. Legally they are secured.

Is it all all likely that WF would foreclose?

Would there be ANY justfication?

More importantly what happens if I just ignore the whole thing with WF?

Could they foreclose say 10 years from now if values return and I have paid the house down thereby giving them an equity position?

Thanks.

[NewLifeAhead]

sorry.. deleted post incorrect info.

[Lajazz947]

I thought Wells Fargo bought Wachovia back in 2007 - could that be causing all the confusion?

One would think so but I don't think that is the problem.

Both banks are dealing with me from two seperate dept's and both have told me that they are not involved in one another's business or loans.

I am just going to let them battle it out.

In my opinion SOME judge is going to have to make a decision here.

Let's see what the letter says but I am not sweating it.

I'll keep you posted.

[BKVIGIL]

I thought Wells Fargo bought Wachovia back in 2007 - could that be causing all the confusion?

[Lajazz947]

Interesting twist, if that is a NOD.

Am following this closely. You could be one of those rare groundbreaking cases that set precedent for this type of thing.

Not sure what outcome would benefit you the most, if any, but it IS fascinating to see these mammoth morons battle it out with one another.

Too bad you are in the middle, of course.

Fom what I am told either way benefits me since the value of the house is less than $732 ,000 given recent sales in the area.

Personally I think that WF is out of luck and they are the bank I hate the most so I will fight them extra hard.

WACH has indicated that they will work with me on a modification.

Do NOD's usually come certified?

[DeadManCrawling]

Interesting twist, if that is a NOD.

Am following this closely. You could be one of those rare groundbreaking cases that set precedent for this type of thing.

Not sure what outcome would benefit you the most, if any, but it IS fascinating to see these mammoth morons battle it out with one another.

Too bad you are in the middle, of course.

[Lajazz947]

Ladies and gentlemen:

Spoke to WACH who said they are in first no matter what WF says.

Got a letter from WF today, certified , I'll pick up on Monday.

Lets see what THEY say.

Either its a NOD or a letter telling me I am right and they are in 2nd but something tells me that they would not send that type of letter certified. Am I right?

Oh, brother, if they start to foreclose then I guess I will let WACH know so that they can do what they need to do.

Worst case scenario I CAN come up with the back due on WF but from what I see , hear and read it makes no sense.

I owe $50K to WF
$732,000 to WACH

House is worth about $700K to $750K

I will keep you all posted.

[Lajazz947]

Spoke to WACHOVIA today and the matter of "who's on first " is with "senior management" what ever THAT means.

[Lajazz947]

This IS getting interesting.

I will pull up a chair, pop open a beer and get ready for the show.

A Corona and a good cuban cigar for me.

I have sisters in Miami and Lakeland. Where are you located?

[DeadManCrawling]

This IS getting interesting.

I will pull up a chair, pop open a beer and get ready for the show.

[Lajazz947]

So I get a letter today from WF saying that World Savings never submitted a subordination request.

WF is saying emphatically that they are in 1st.

WACH has not replied yet but it should be interesting.

At least I got a letter today from the IRS saying that I passed my 2006 audit so I owe nothing.

[Lajazz947]

I think I would push this hard.

Banks are making increasing numbers of mistakes as things unravel further and wider.

You never know. Maybe WF foreecloses but it gets lost in Wachovia's BK/Foreclosure wing. You could end up with one hell of a windfall. I would be thinking of ways to spin this to my benefit.

Moral? Depends on whose morals. Certainly the banks have none, and a little of their own medicine is good for you, the debtor.

Just thoughts. Hope it goes well, either way.

Oh don't get me wrong. The moral's that I have are toward's the little guy, not the banks.

I would not break the law to get a large windfall but I will sure make them fight for what they want.

US bank repo'd my wife's car WHILE WAITING FOR ME TO RETURN THE PURCHASE DOCUMENTS THAT THEY DELAYED IN SENDING OUT TO ME.

It took weeks for my wife to get over the shock and embarrasment of a 1:00 AM repo from our fenced driveway while they held my poor old dog by the collar.

When I complained they really said too bad. No wonder I BK'd them.

WF took money from my account AFTER I had sent what I could to pay them a CC bill. It was not enough so they took my checking account money and my house payment bounced.

Then they tacked on bounced check fees so I ended up on Chexsystems. If they had just worked with me at first Ii would have been nearly paid off with them by now.

Banks? They get no mercy from me.

[DeadManCrawling]

I think I would push this hard.

Banks are making increasing numbers of mistakes as things unravel further and wider.

You never know. Maybe WF foreecloses but it gets lost in Wachovia's BK/Foreclosure wing. You could end up with one hell of a windfall. I would be thinking of ways to spin this to my benefit.

Moral? Depends on whose morals. Certainly the banks have none, and a little of their own medicine is good for you, the debtor.

Just thoughts. Hope it goes well, either way.

[Lajazz947]

It would be fascinating, and great for you, if the larger lienholder ends up unsecured.

Will be watching this closely.

Wonder about equity and foreclosure, though in the event the smaller lender has first position legally. May be able to negotiate something in your favor though, and could end up with one hell of a deal.

The way I understand it if WF is in 1st they CAN foreclose but then they are simply paid off by Wach to protect their interests.

Wach won't want to do that since they then will have $50,000 more to deal with on a home that has barely enough (I think) equity to cover their loan.

For those that want to know the numbers I owe:

$730,000 to Wach
$50,000 to WF

The home accross the street sold for about $800,000 but has 400 square feet more than ours.

I think that my house is more likely to sell in the $750,000 range but then take comission and other fees out of it and you will probably net about $675,000 or so.

My guess is that no one wants that since I am perfectly willing to pay the obligation with both banks if they lower my entire balance to $750,000 and give me a 40 year loan at market rate.

My fully amortized payments would be reduced by $2000 per month and I could keep the home.

Now, if WF IS in first I can modify them and try knock $50,000 off of Wach's loan and have them give me the same terms and I save $2200 per month on the fully amortized payment.

At the rates that I have been hearing about, 2% it looks even better.

I can always amortize myself to a 30 year or less if things get better for me.

In any case it IS interesting.

[DeadManCrawling]

It would be fascinating, and great for you, if the larger lienholder ends up unsecured.

Will be watching this closely.

Wonder about equity and foreclosure, though in the event the smaller lender has first position legally. May be able to negotiate something in your favor though, and could end up with one hell of a deal.