Wells Fargo 1st and Wells Fargo HELOC are treated as different entities entirely and you have to treat them that way. I have been very successful time and time again in this Wells 1st/Wells HELOC situation. In fact, I have found they are one of the easiest.
Where are you at in the process? Have you sent your offer and HUD1 into the first? You will need to do that and should put 10% of the outstanding balance on the WF HELOC on the HUD1 you present to the 1st.
What will happen is that you can make it through the process all the way up to were WF HELOC will tell you they need approval from the first to finish out there approval.
You will get an approval from WF 1st (hopefully they will give you the whole 10% for the HELOC) if not and they come back with a lower number that they will allow the HELOC to have then present it to the HELOC. Most of the time, the HELOC will take what WF1st is offering but not always.
If you find you are stuck OR WF1st is taking to long...because WF-HELOC always is faster than WF1st then know you can request help from WF-HELOC. I have given my WF-HELOC negotiators the email and names of my WF-1st negotiator and they have pushed to get WF-1st to move quicker in their resolution and have also fought out between them until they resolved a mutually acceptable number.
If you get WF-HELOC to talk to WF-1st (which they can and will) often times WF-HELOC can buy you some time by expressing that they don't want WF-1st to foreclose because it hurts WF-HELOC if they do. Some states are non-recourse states at Foreclosure the 2nds get nothing. Some states are recourse states, but the 2nd's still know that chasing someone down is hard and the old saying "You can't get blood from a turnip."
Wells Fargo HELOC does have pull with your Wells Fargo 1st. I know it because I have done it many, many, many times. #1 make sure you have someone negotiating your Short sale who knows how these banks work, knows what the back doors are, and knows how to get things done.
For the one that said "". . . don't pay attention to people from out of state, particularly if they're east of Colorado or so . . ."
I am from Colorado and there is one thing I know: Banks are Banks! If you know the bank's system and know how to work each bank and 1st/2nd scenario (and I have done so many short sales that I know the ins-and-outs of most banks) then it doesn't matter what state you live in. The banks don't change their mode of operation based upon the state you are in. The banks procedures are their procedures. (Now each states foreclosure policy is different and whether the state is Judiciary of Trustee...but were not talking about that we are talking about how to negotiate a short sale with banks.)
Best of Luck Jr. The key is persistance. Don't give up. And if you have not done the things I mentioned above then do them. If you have then let me know and I will keep trying to guide you through the Wells Fargo process.
Tammy L. Deitz
REALTOR , CDPE (Certified Distressed Property Expert)
The Deitz Group of RE/MAX 100, Inc.
When you deal with a bank that has title to your home - don't throw caution to the wind. I hate paying attorneys but I haven't found one whose advice I have not followed and they have gotten me out of a jam. A bank doen't want to talk to another bank because they figure "they are in the right" and they may well be and that is why you need attorney to give you the gist with what is happening without being driven completely crazy.
Boiler Rooms - Please - Loss Mit? What - See Sec 1122ab for Material Violations - [Auditors Attestation] and Remember ----Give That Home Away. Only An Attorney Can Help You Do It In The Most Expensive Manner.....
The Plaintiff is the fee simple title holder to estate and having encumbered said title to realty has henceforth suffered the greatest imaginable loss in ones financial lifetime- â€œforeclosureâ€ of her personal home and residence.
Fee simple title in subject matter controversy is for real property located at the same address named in above entitled original complaint plead on (xx/xx/2010) The Plaintiff defends loss of title from willful egregious and oppressive acts and now seeks injunctive remedies pending the matter having been heard for monetary damages. Damages are for claims of having been duped and deceived into a Conditional Contract which is not disclosed at the commencement of the loans settlement dated xx/xx/xx . A Conditional Contract cannot be enforced under federal and State enforcement of UCC laws.
Plaintiff bring new allegations and meritable arguments citing contribution and indemnity between parties redeeming in a recovery conducted under a power of sale void ab intio.
Title through the time from settlement remains disturbed and upon issuance of a notice of sale becomes defect. Defect title is unenforceable upon a transfer alleged a bonefide sale. Transfers therein are moot to the doctrine of a third party purchaser of value in an indemnity scheme conducted by the parties who lay unlawful claims â€œPro Tantoâ€. Unjust enrichment in the form of recourse avoidance is albeit, no less unjust and undue enrichment brought by a Mis-joinder of parties. Parties are the Creditor and the debtor, two parallel national association banks acting in a Delaware stuatory business trust that emerge for the first time before a court in a honest portrayal of the fraud committed under banking antitrust laws.
Homeowners are primary debtor and upon the indenture divesting itself of the subject mortgage lien the Trustors property is placed into trust and held their un encumbered for purposes of acting as a surety to the trust Preferred investors .
Defendants are faux lenders who purposely allow the promissory note to become â€œPaid in fullâ€ as tender under the accounting rules FAS 140 proffered by GAAP under the FASB for purposes of issuing TC and TP certificates. The Trust is therefore the means and methods to hold the subject fee simple title to plaintiffs home for the benefit of the trustor. Remember the security provided the investors are stock certificates.
Title holders must be more informed and better prepared to see through the fraud perpetrated in the court and against her estate alleging â€œSlander of title and hostile claims in foreclosure brought by adverse parties in a unlawful execution of a unenforceable power of sale.
Now your seeking damages in a highly oppressive, unjust, remarkably deceptive and unbiased account of the rules and regulatory enforcement placed upon lenders as a holder in due course and under the stuatory scheme as provided in a power of sale in the state of (State) Fee simple title is absolute to all other types of property ownership. If encumbered the fee simple estate is granting legal title to the beneficiary for subject matter lien and assumed obligation. Liens, judgments and encumbrances for mortgages are none the less of no consequence to the borrower's rights and entitlement's to full enjoyment and use o f the subject land.
*Always consult with counsel to fullly understand what your rights are and how to protect your home - not an attorney an only providing informational content and not legal opinion.
But who is they - their is no lender , no servicing agent no benfefical interest . There is no holder in due course - - noone to foreclose on you - and your asking for cash for keys. I have a key to a pad lock i don't use anymore- want to offer me cash - WAKE UP!
WILL SOMEONE HAVE ALENDER SHOW THE MINIMUM STANDING TO FORECLOSE....ANYONE ? i AM AN ANLAYST AND I KNOW THE SHAM AND ITS DISGUSTING TO SEE TITLE BEING TAKEN FORM ONE ANOTHER TITLE HOLDER- FEE SIMPLE TITLE TRANSFERED AWAY BY A MORAL OBLIGATION - OVER 22 WINS TO DATE IN COURT TESTIFYING AND STILL PEOPLE SURRENDER TITLE LIKE FLOCKS OF (?) LED OVER A CLIFF - ASK THE BUTCHER THEY BAKER AND CANDLE .....ASK THE LOCAL PRIEST OR RABBI - THEN READ AND LOOK CLOSER INTO THE ACTS . DEBT MUST BE CAREFULLY DESCIBED IN THE MORTGAGE INORDER TO MAKE IT VALID AS AGAINST SUBSEQUENT PURCHASERS AND CREDITORS, BUT IT IS ENOUGH IF SUFFICIENT AS STATED SO THAT THE AMOUNT OF THE DEBT CAN BE ASERTAINED . IT IS SUFFICIENT IF A GENERAL DESCRIPTION.
-THIS I AGREE. AND WHY A DEBT COLLECTOR PURSUES YOUR TITLE. BUT DEBT AND TITLE ARE TWO SEPERATE MATTERS - ESPECIALLY IN A POWER OF SALE STATE. THEY ARE TAKING HOMES WITHOUT THE BENEFIT OF JUDGEMENT BEING ENTERED OR EVEN HEARD ON MERIT FOR RIGHT TO COLLATERAL .
I'm so sorry to hear about your situation. It is all too common these days. It might just be that you waited too long to get a resolution. Once you get behind on your mortgage the banks can get very aggressive.
Regret to hear your problem.
Per your postings they are both Wells Fargo.
yes, 1st is 30k WFhomemtg 2nd is a HELOC WFbank 118K, no they won't work
The 1st, is foreclosing.
Right, its Wells Fargo this is very typical. You do need a good Foreclosure attorney
who can walk through the maze.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
Jr's property is in Indiana which is east of Colorado, so it's probably better to ignore that portion of that advice.
Besides working with a real-estate attorney, you might be able to work with an investor who invests in properties in Indiana--provided at least 1 of the 2 banks is willing to work with that investor. If BoA is one of those 2 banks, then you'd be rolling the dice on this particular option. Sometimes, they'll work with investors, and other times they won't.
You might also want to speak with a foreclosure counselor as well to discuss some options. Also, keep in mind--although you might want to keep your house--you might need to consider some other alternatives like a short-sale.
Although I am responding from California, which is a non-judicial foreclosure state, I do have some advice for you: speak with an attorney. When you are looking for the right attorney try to find one who deals exclusively with foreclosure and bank-related issues, as not all real estate attorneys will be able to get the same results.
Foreclosure is a tricky issue when it comes to communication, as you can see, because the banks just do not have the manpower to properly handle all the questions coming in from distressed borrowers. I have found too, in handling short sales, that many loss mitigation employees do not even know their state laws! It is unbelievable--thus the reason you may get two completely different answers from two different employees of your bank when you call. A lawyer knows how to handle these cases, and if you find one who deals with these issues all the time it is likely he or she will have contacts in the loss mitigation department at your bank.
Best of luck.
Rachel LaMar, J.D.
LaMar Real Estate
The one good advice which is universal is to seek the advice of a real estate attorney who will be able to look at your situation in greater detail and give you advice.
Best of luck to you.
Buy a home after foreclosure expert
Helping families/people that have lost their home get back into a new one in as little as 6 months
You can get a list of HUD approved counselors on this site. Contacting an attorney may be a really good idea too.
Good luck to you!
I'm assuming you have a first and a second mortgage. If the first mortgage holder forecloses, the second lienholder gets wiped out, meaning they get zip (warning: they can come after you for a deficiency). Because of this, sometimes the second lienholder won't do anything until the first lienholder makes a move. No one will settle, here, until someone else applies leverage in some way. Meanwhile, the homeowner just kind of gets left in the dark.
That's why it's good to contact open door. It's free (they're an NGO), they've intervened in thousands of cases, and that's where you can get information. Once you're informed, you can think about the options available to you--loan modification, deed-in-lieu, short sales, whatever--but it's not good to speculate about your options until you have the information.
Also, once some kind of process is underway, stopping the foreclosure is usually a no-brainer.
Your best an only advice should come from an attorney. If you need help locating a good one, that's a resource I can provide.
Best of luck to you. I know this is a stressful position you're in and I hope it works out well for you.
If you want to keep your home, you must educate yourself on foreclosure and the procedures. Look up on the web key words such as false foreclosure, foreclosure help in your state. See if any thing said in any court papers you can find on the web match your sisuation. This will help you when contacting free legal services in your area. or hiring an attorney.
All the Very Best
Dave & Lisa