Charge Off Wells Fargo 2nd Mortgage
Anyone have a second mortgage charged off by Wells Fargo? Mortgage Loan Modification Answer:
I have heard of Wells Fargo settling for cents on the dollar on second mortgages, but have not yet heard of a complete charge off. This doesn't mean there haven't been any.
In the case of a second mortgage charge off, the debt is typically sold to a collection agency who will continue to collect from the homeowner and will typically negotiate a settlement for substantially less than the original amount.