Posted on: 08th Jun, 2010 01:02 pm
I sent all the required documentation to Wells Fargo in Oct 2009 (thru an atty) and was told in Feb that I had to make the monthly payments to stay out of 180 days late. I have been making the payments. The first negotiator came back with a denial in April because we don't have $1100/month in excess funds! How ridiculous. If we had that much extra we wouldn't be looking for a mod in the first place. We were then assigned a new negotiator (after Wells Fargo called us to say we might qualify for a new mod program) I've been making the monthly payments and just this month the new negotiator emailed me to say we are over 180 days out and are in collections!! Where do I turn for help now? :?:
Hi CHRISHARMS,
If your account has already been charged off and assigned to a collection agency, then there's hardly anything that you can do. You may ask your lender to withdraw the account from collections. You can then try and negotiate with him to pay off the dues. It is completely the lender's discretion whether or not he would call back the account from collections.
If the lender does not call back the account from collections, then you will have to contact the collection agency and settle the dues.
Thanks
If your account has already been charged off and assigned to a collection agency, then there's hardly anything that you can do. You may ask your lender to withdraw the account from collections. You can then try and negotiate with him to pay off the dues. It is completely the lender's discretion whether or not he would call back the account from collections.
If the lender does not call back the account from collections, then you will have to contact the collection agency and settle the dues.
Thanks
thank you for your response. I called the CA today and their idea of a settlement is ludicrous. They want either $62,000 lump sum or $4000/mo which is insane and totally impossible. They said I could try to contact Wells Fargo to reverse it, but as you said this would be rare. My atty would need $$ to proceed to court. Do I need an atty or can we represent ourselves?
Hi Guest,
You should try and negotiate with the collection agency (CA) so that they are convinced about your situation. Once they are convinced about your financial hardship, the CA can give you a better payment plan to clear off the dues.
Thanks
You should try and negotiate with the collection agency (CA) so that they are convinced about your situation. Once they are convinced about your financial hardship, the CA can give you a better payment plan to clear off the dues.
Thanks