[MorningCat]

letter. File Now In Foreclosure Office? I got this letter from my lender, via regular mail not certified or registered, telling me that because of my delinquency in paying monthly on my home equity loan, my account is now in default and the outstanding balance on my debt is now due. But if I would like to reinstate my HEL I should contact the lender. I couldn't find my account at the lender via my usual on-line access so as to check it's status. I'm wondering what are they talking about when they say I could have an opportunity to reinstate? I also got a FedEx priority letter today saying we could explore options to pay off my outstanding balance at less than what I owe via a "Deed in Lieu" offer. Wherein I'd have to make a cash down payment in order to qualify.The letter has all the lender (Wells Fargo) logo's information on it and claims to be a team from their "Home Preservation Team". And yet for information on how this stuff works there's a website listed that is not WF. "makinghomeafordable.gov". Is this one of those scams I hear about when it comes to homeowners in default being made an offer to avoid foreclosure?If I pay money as I can on this account, at it's present state, and maybe get a windfall of cash and pay the past due payments in full, can this bring me out of my current status of having my HEL file in the WF foreclosure department? Serious answers only please. Thank you.And yes, I would ask WF this but I want to know more on my end before asking them to educate me. I've had some, shall we say negative bad banker manners experiences with the WF customer service in the past. So I don't at this point trust them at this dire stage to make me and my account a serious concern. I know banks don't want to foreclose in this market and would rather I stay in my house. As would I. However, I want to know what all the egg's in my basket mean to my solvency before I ask WF to count them and tell me what they really mean.

[n2mama]

I would assume that to reinstate your HEL you would need to bring the loan current, that is, pay all past due amounts and penalties. As far as the "Deed in Lieu" offer, you do know that deed in lieu refers to deed in lieu of foreclosure right? As in, you move out and turn in the keys and they don't foreclose on you, but you walk away with nothing. I don't know if that's a scam letter or not, but when you talk to Wells Fargo they will be able to tell you.My guess would be that paying money as you can without a specific time frame to pay all past due amounts is not going to work to keep you from getting foreclosed on by Wells Fargo. Yes, they would rather you pay the money you owe and stay in your home than have another foreclosed property to have to unload, but that doesn't mean they will do you any favors to help you stay in your home.