Posted on: 09th Jan, 2011 01:13 pm
I received a letter from GMAC stating that the collection of my account has will be handled by GMAC-recovery department. This is the first of knowing who was handling my account. I was told that my account has been charged off. Then I started getting pay off amounts so to try to settle the matter I ask if I could make payments on the settlement offer and they told me no its all or nothing. I did try to come up with the money( tried to get a loan, get it out of my 401,and family and friends) so I have made attempts to try to resolve this matter. The last settlement they sent was for 15,800 and I ask if they would take 10,000. They told I had to pay 500(which I didnt have) and then send the 10,000 by noon that day. I told them I couldnt do the 500 but send me something in writing that you accept this but that never happened.
So what questions should I ask and what steps to follow. What are my right with dealing with a charge off within the mortage company? What is a pre-legal analysis screening of my account, because thats what they are saying will happen if failure to comply. I just need to know what should I be doing. Do I need legal help?
So what questions should I ask and what steps to follow. What are my right with dealing with a charge off within the mortage company? What is a pre-legal analysis screening of my account, because thats what they are saying will happen if failure to comply. I just need to know what should I be doing. Do I need legal help?
hi geo,
you need to contact the loss mitigation department of the lender in order to negotiate with them in regards to a payment plan to pay off the dues. if you can negotiate with them, they may give you an affordable payment plan to pay off the dues.
i don't have much idea about the "pre-legal analysis screening". you can contact an attorney and he can help you in this regard.
thanks
you need to contact the loss mitigation department of the lender in order to negotiate with them in regards to a payment plan to pay off the dues. if you can negotiate with them, they may give you an affordable payment plan to pay off the dues.
i don't have much idea about the "pre-legal analysis screening". you can contact an attorney and he can help you in this regard.
thanks
IF you have had a mortgage first or second get charged off, it is just like another charge off account. It may be handled internally, or it may be set to a third party to have them handle the account.
With GMAC they will handle it in house and will offer for you to settle the account or make payment arrangements. If you have offered to try to settle and they are not taking it that is kinda weird.
Before you start working with them make sure you have available funds to send that day. GMAC will settle and set up a settlement but you have to be able to send the money right away. They will not agree to "well I will have it in about 2 days or a week etc.).
The recovery department of GMAC will work with you, you do not need to hire legal counsel. You can ignore the charge off but it will just continue to report to your credit report and keep hurting you. You must set up a payment plan or settle the account in full. If you do a repayment plan they may at some point take it out of recovery and return it to normal status after a history of good payments.
Good Luck!
With GMAC they will handle it in house and will offer for you to settle the account or make payment arrangements. If you have offered to try to settle and they are not taking it that is kinda weird.
Before you start working with them make sure you have available funds to send that day. GMAC will settle and set up a settlement but you have to be able to send the money right away. They will not agree to "well I will have it in about 2 days or a week etc.).
The recovery department of GMAC will work with you, you do not need to hire legal counsel. You can ignore the charge off but it will just continue to report to your credit report and keep hurting you. You must set up a payment plan or settle the account in full. If you do a repayment plan they may at some point take it out of recovery and return it to normal status after a history of good payments.
Good Luck!