Posted on: 09th Feb, 2010 02:45 pm
i filed chapter 13 bankruptcy in nov 2009. i called my second mortgage today 2/9/10, and they said the 2nd mortgage has been charged off and that if i could make a lump sum payment today they would write off the account balance? they stated there will be 0% interest and no late fees. they also stated if i cant make monthly payments that at the end of my 5 year bankruptcy plan that this balance would be discharged! i and my attorney are confused. it's almost as if it is unsecured now. 2 seperate reps told myself and the attorney if i can make any monthly payment it would lower the balance that gets wrote off at the end of the 5 years? anyone heard of this?
Hi,
It seems that the second lender has little hope of getting their money back. They now want to have whatever you can afford to give them. If they are willing to settle the debt with you and you can afford to pay what they're asking for, you may accept their proposal for settlement. However, you must get everything in writing from them. Do not believe in what you've been told on the phone unless you receive written documents from the lender.
It seems that the second lender has little hope of getting their money back. They now want to have whatever you can afford to give them. If they are willing to settle the debt with you and you can afford to pay what they're asking for, you may accept their proposal for settlement. However, you must get everything in writing from them. Do not believe in what you've been told on the phone unless you receive written documents from the lender.