Wells Fargo - Has anyone heard of this

[shark66]

If your house is underwater on first, stick with your original offer and let them sweat it...that's what I would do.

Personally, I would've missed a few more payments just to see how they would've reacted, but the ball is somewhat in their court now...

Finally, as for "mini appraisal" I would be telling them "no way no how" but it's obviously your call. I've never heard of mortgage company asking to actually set foot in the house to appraise...and in my book, by letting them in, you'd be assuming a weaker position for any further negotiations...

My $0.02 only...

Good luck.

[2manybills]

The information I received from the loss mitigation department is that they want to either settlement or do a loan mod.

We'll see where it goes from here. All the folks on these boards that have settled with WF, give me hope.

[Brazzy]

When a negotiator makes a decision they have to back their decision up with supporting documentation. They need to show all available alternatives and justify why the decision they made was the right one. Typically around 3 months past due they will start the analysis. If you negotiate with them after that they wont ask for an appraisal to be done because they can use the one that was just done. Regardless of the value of the house they probably will and should be tough on this one. With you being current on the first their lien is in no danger. They know you want to stay in your house and will continue to pay on the first. In their eyes unless you make them a juicy offer they have no reason to settle now when they can just wait for a more favorable situation.

[2manybills]

From what the WF guy told me, they just want to see where the property is at, i.e., current selling prices, foreclosures, if the inside is toilet, etc. Our first is about $368K. our 2nd is $200. Currently homes around here (largest unit and ours is smallest) is selling for $480 to $520, but foreclosures at trustees' sales are going for about $370.

I offered $15K to start. The WF guy said he came more around $40 to $45K to settle it. He said he can't negotiate meaning he can't came back and say well, you offered $15 but we'll settle for around $30 or something like that. Thus the "mini" sppraisal. Then after that if they decline to settle for the $15K, then I can make a new offer for maybe a little more.

[Brazzy]

The "mini appraisal" is common. Typically they do not ask to come inside the house (then again they typically dont even let you know its happening) but what you are talking about is known as an equity analysis. They want to be sure of their current situation so they can weigh their options. If the house does not have enough equity to cover the first lien then they will do their analysis and decide not to foreclose. If you are looking to settle they may just decide to decline it because you are current with your first lien holder. They are gonna end up eating it anyway and it will be a big charge off no matter what. They may opt to just let it charge off and retain the lien since their lien is not in any immediate danger at the moment. They will just sit on it, let it accrue interest and hope the housing market rebounds or you decide to sell.

[CCCrazy]

2manybills, don't send them anymore money (sounds like you aren't planning on it anyway) and wait until the loan charges off. And DO NOT let a mini appraisal happen - I never heard of that in my dealings with WF and you're discharged, it won't benefit you at all.

And the fact that WF is saying they can't negotiate with you is BS. They just can't CALL you. I called in to settle my Equity Loan and the lady I talked to was happy to help me and forwarded my offer to the appropriate dept. - meaning she forwarded my faxed and signed offer. They decided to take my 10% offer.

[upward]

We figured we might as well, since we could have walked when we got discharged and have continued to pay them 535.00 for the past 25 months! We'll see, we are not paying them another dime, so if they want to start foreclosure that is upside down on the first and would not getting a thing, go ahead ! They would have to settle the first, which we are current on. I'll keep you posted.

[2manybills]

We got a call the other day from Wells. We had offered them a monthly payment for 10 months. They said they can't do payments only lump sums. He told us to submit another proposal. We told them that since we were discharged in 2/2008 we have paid them over 13,000K and would give them another 1000 for a total of over 14k since the discharge which is about 20% of what is vowed. They said send it in, so we did. I'll keep you posted!

Thanks for the input. I had not considered including payments made since filing. I will keep you posted on our progress as well.

[upward]

We got a call the other day from Wells. We had offered them a monthly payment for 10 months. They said they can't do payments only lump sums. He told us to submit another proposal. We told them that since we were discharged in 2/2008 we have paid them over 13,000K and would give them another 1000 for a total of over 14k since the discharge which is about 20% of what is owed. They said send it in, so we did. I'll keep you posted!

[marchelala]

Thankks. Some ppl here suggested waiting after HELOC is charged off (around 180 days). I am just trying to get all the info for our hopefully future settlement w WF.

[2manybills]

2manybills, if you dont mind me asking... how late was you when you sent them a settlement offer ? You just got discharge and will go the same route with WF Heloc. Thanks!

On May 15, I will have missed my 3rd payment.

[marchelala]

2manybills, if you dont mind me asking... how late was you when you sent them a settlement offer ? You just got discharge and will go the same route with WF Heloc. Thanks!

[feelingnutsy]

Amazing that he carries the title of negotiator.....and yet can't negotiate.

[2manybills]

I actually just spoke with the negotiator. Really quite nice. He said that because of Chapter 7, he cannot make counter offers to me. I offered 15K (about 8%) and he is coming up with more around it should settle for around 40K. That is the reason for the "mini" appraisal. I did discuss the recent trustee sales around there with him.

He said once we figure out the amount, then I would have to make a new offer should they not settle for the original 15K that I offered, because he cannot negotiate.

[sofarsogood2]

Sounds a little suspicious- what are they looking for? They can look at county records for sales in your area, or get a CMA from a realtor. I wouldn't let them in- probably want to see if you have anything of value in the house.