Collections Agency transferring back on Friday?

In July I was informed by Wells Fargo that the 2nd had been handed over to a collections agency. Then after we had a counteroffer on the 1st, they assigned the 1st to a new servicer and we began over there. Today the negotiator on the first finally gave me a number to take back to the 2nd...only WHOOPS as of Friday Wells Fargo is taking the 2nd back and we will apparently be starting over.

Anyone else hearing this? It is already too late for me to confirm with the HELOC dept.

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Permalink Reply by Alan Remigio on September 30, 2010 at 1:40am

That's common in the lender relationships with collection agencies. Also, it is now a little more profitable to pull 2nds back because of the government assistance. Just keep the 1st in the loop and get Wells 2nd to move forward. If you are happy with the 1st and have room to negotiate with the 2nd go for it!

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