Mortgage Forum
2nd Mtg is charged off, collection company has 2 plans what should I do?
This is a topic titled 2nd Mtg is charged off, collection company has 2 plans what should I do? made in the Mortgage Talk section, belongs to our Mortgage Chat category; My first is out of foreclosure due to a loan modification. My 2nd has been charged off. I spoke with the collection company and they said that we can either ...
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| Members List | Search | Today's Posts | Mark Read |
October 25th, 2008, 08:40 AM
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| Senior Member Registered: Apr 2008
Posts: 1,497
|  2nd Mtg is charged off, collection company has 2 plans what should I do? My first is out of foreclosure due to a loan modification. My 2nd has been charged off. I spoke with the collection company and they said that we can either make a payment plan or offer a lump some to settle the account and release the lien. My main question is, did the collection company buy this charge off for pennies on the dollar? What is an acceptable offer? I owe $80,000 on the 2nd, can I offer like $40,000 to settle the account? I just hate to offer too much and shoot myself in the ... |
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