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Guest

Hello. We bought a home for my mom and dad to live in New Mexico. So, technically, it's considered our 2nd home. We took a heloc from WF out on this house. The house foreclosed and WF was the highest bidder. They purchased for $114K, but the primary balance was around $100K. The balance on the heloc is around $50K. We received a 1099A from them for 2010 listing the date they foreclosed with the principle balance of just the heloc of $50K and FMV of $140K. We were served with a civil summons for the heloc amount and as of right now trying to negotiate a settlement with them. Our question is, why did they list the fmv higher than what they bought for which was $114K? Also, when trying to negotiate a settlement, should we go by what they bought it for or what the fmw is? Thanks

smithsussane · Posted: Mon Aug 01, 2011 11:52 pm Post subject:

Hi Guest!

Welcome to forums!

As far as I know, even though the lender lists a higher fmv and receives the same, he may have to give back the excess amount that he has received as the profit. You should contact your lender and ask for the excess amount which he has received so that you can pay off the HELOC with that amount.

Feel free to ask if you've further queries.

Sussane

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