I have been negociating with a lawyer representing Wells Fargo. I was never served papers but the judge signed off on the papers, it was ok according to the judge since they couldn’t find me. This all occurred during Hurricane Ike and they couldn’t find me due to property damage and honestly lack of trying (private server).
I used every bit of my emergency savings to get through that 3 months of no work & repairs. January (2009) I found out all this was going on and I had been *served.*. I asked for proof of debt, got it & that gave me a month. I owe about $ 5500 – my last offer was $ 1000 a month and my truck as collaterial (worth between 5 & 6K). They rejected that & only want a lump sum (same answer everytime). They want me to fill out an asset form, P&L, financial qustionaire & send them 2 years tax returns (I haven’t filled in 3 years, lack of funds for CPA). I just got the 3 years ago done. Then they *might* consider payments. Well they are going to find a lot of bad debt & One really good asset – my business property, paid in full. Or more than likely the lawyer did a search on the property tax web site and found that.
I have time & time again tried to get a loan since January – no dice. I have no equity in my home. I live in TX so my home can’t be taken, but I’m betting my shop can. It is my understanding that if this goes to court, they can force a Sheriff auction. I may be wrong. I haven’t hired a lawyer because I’m trying not to throw more money out of the window. The only person that considered loaning on the building needs me to pay up front – survey, inspections, & appraisal – I don’t have that & that would be just about what I owe!! At this point I doubt the WF lawyer will wait that long (up to 6 weeks).
Does anyone have any suggestions? I’m not about to fill out the financial statement without consulting a lawyer.
My thinking is to continue to attempt to work something out on my own and pay off the debt, rather than hiring a lawyer for ?1000? and still oweing the same amount…
ANY SUGGESTIONS, TIPS, etc. I’m at wits ends. And I’m sure they are fixing to take it to court. I know the Judge (small town) and she will force it to mediation? (this is what she usually does) & will be VERY upset if I don’t appear with a lawyer… And being a small town, everyone will know my business (all court records are printed in the paper).
One bit of background – the loan showed charged off on my credit report – I stupid & uneducated about that stuff – thought that meant it went away. I had a real hard time 4 years & have since managed to pay off everyone else, including 12K in medical bills. So my ignorance is coming back to bit me…
Thanks for your time, advice, etc..
I only owe the WF debt, 6K on my car and my home. I just don’t have cash at this point. IRS debt can’t be dealed away, but I usually pay more to the CPA than the IRS. I’m so close to catching up & can’t understand why they won’t.
Isn’t it to late to involve anyone but a lawyer at this point – it is logged in the court system.
As for the tax return – yikes I don’t understand it. I could do a simple return, but my returns end up being 1/2 inch or more thick. I’m fixing to return a 2005 one that was done for me recently. I’m able to do quarterly reports, but have no clue about depreciation, etc…. Is one able to find old tax software & attempt to do it?
My mailing address & home address are different. They went to the mailing address – which was mostly destroyed by Hurricane Ike, they never tried to serve at my home.