Wells Fargo Settlement

[Anonymous]

I have 2 large Wells Fargo accounts (visa & personal line) with a total balance of 28k.  They are the only debt I have other than a big house payment.  I can't sell the house as it is worth less than I owe.  I have not been able to handle the WF payments and have only made 1 payment each in the last 4 or 5 months when I called WF directly to try to work things out with them.  They basically said they just wanted the payments caught up-which I was not able to do.  I would like to settle for less but am not sure where to start.  I did consider a DMP but the payments were even more.  I need as small as possible.  I also considered Bk but was told I would have to pay back the debt anyway because I have a job.   Has anyone had luck settling with WF?  I just don't want a judgement or my wages garnished. 

[Anonymous]

Is there any way for you to pay what you can...to get caught up...then close the account...rather than getting a charge off...or a judgment...I think BK should be you ABSOLUTE LAST option...

[Anonymous]

Good luck on that one

In 2004 I bought a new home through WF after a year my husband was transferred so we tried to sell the house. I was told by WF that there were many programs that I could go through but, first I would have to be out of my home for three months and I must of course put it on the market for three months. I was not behind on my payments I moved out and it was for sell, after all of that they told me that I was mis informed, I must live in the house and my payments would have to be at least two months behind.(non of this made sense to me) then I would qualifiy for a forgiveness program where if they could sell the house for at least what I owed on it then I would be forgiven for the loan.

To make it short I now have a forclosure on my credit.

After this happened I found so much help on the net of programs that will help you from loosing your home.

Do not file BK there are other options out there.

Good Luck

Message Edited by BECCA42 on 06-05-2008 10:41 AM