Posted on: 09th Jun, 2009 09:10 am
Hi. I have a $60k promissory note as a result of a short sale. I signed the note with Radian, a PMI company, and I believe the note has been sold to Dyck-O'Neal. This is a 20 year, 0% note, payments are $250/month. I would like to pay this note off for less than the full amount and I'd like to know where to start the negotiations. I have calculated the PV of $250 for 240 months at 8%, it is about $30k. However, I suspect that Dyck-O'Neal paid much less than that for this note and I'd like to know what they will accept as fair compensation. Does anyone know how much promissory notes are typically sold for in these types of transactions? Any advice on how much I should offer would be greatly appreciated!
I do not recall getting this "Home Saver" note (it's about $5k, give or take), but some collector sent me a copy of something with my signature at the bottom.
Fact is, I sold this property in 2010, and I no longer own the property. I walked away with a little cash, but now the debt collectors - Some Dyck O'Neal dude included - are now calling me night and day and they say I owe for this "Home Saver Loan".
My question: Shouldn't this have been paid at closing?? It doesn't really matter, I'm not not paying it regardless. I'm not. I'm just not.
Fact is, I sold this property in 2010, and I no longer own the property. I walked away with a little cash, but now the debt collectors - Some Dyck O'Neal dude included - are now calling me night and day and they say I owe for this "Home Saver Loan".
My question: Shouldn't this have been paid at closing?? It doesn't really matter, I'm not not paying it regardless. I'm not. I'm just not.
Welcome Elaine,
You can ask the collection agency to validate the debt. If they are unable to validate the debt, then you won't have to pay anything to them.
You can ask the collection agency to validate the debt. If they are unable to validate the debt, then you won't have to pay anything to them.
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