Posted on: 30th Jun, 2009 08:26 pm
I recently had a property foreclosed on with two liens. The second lien holder will be selling their interest to FASLO.
Does anyone have experience negotiating with FASLO or any other second lien holders? What can I expect in terms of a settlement? What percentage are they looking for?
Is there a website which provides good info on negotiating this stuff?
Does anyone have experience negotiating with FASLO or any other second lien holders? What can I expect in terms of a settlement? What percentage are they looking for?
Is there a website which provides good info on negotiating this stuff?
hi reipro,
frankly speaking, i haven't dealt with faslo. i guess faslo is a collection agency and henceforth they would collect the second mortgage dues from you. you can negotiate with your collection and check if they can consider a settlement with you or not. it is their discretion whether they would agree to it or not.
frankly speaking, i haven't dealt with faslo. i guess faslo is a collection agency and henceforth they would collect the second mortgage dues from you. you can negotiate with your collection and check if they can consider a settlement with you or not. it is their discretion whether they would agree to it or not.
yes
Can you elaborate on the "yess"?
Sicne the 2nd lien was likely extinguished at time of foreclosure sale, FASLO can only pursue collections on your note. As such, they are very unlikely to sue on the note. So...what I would advise is offering a settlement of 10% of the reminaing total debt. That usually gets them...hold firm on it as they push back and forth.
This was great advice that ACTUALLY WORKED!!! THANKS, SVCR!