Posted on: 22nd Jan, 2010 07:17 pm
Hi,
I have a 2nd. mortgage with Citi, they denied to modify me b/c the first mortgage was not modified yet. They transfer my account to a Recovery Department... The attorney in this collection agency filed a lawsuit against me. I contacted them and they asked me to send a proposal, they also told me that they will not stop the process they already stared.
What I am suppose to do, send a letter whit my proposal?, in that case, can I offer a down payment and, monthly payments lower than the original amount? can I asked to reduce the interest (currently 8.75%!)? Can I or should I file motion to extend time to file a response?
Please help me!
I have a 2nd. mortgage with Citi, they denied to modify me b/c the first mortgage was not modified yet. They transfer my account to a Recovery Department... The attorney in this collection agency filed a lawsuit against me. I contacted them and they asked me to send a proposal, they also told me that they will not stop the process they already stared.
What I am suppose to do, send a letter whit my proposal?, in that case, can I offer a down payment and, monthly payments lower than the original amount? can I asked to reduce the interest (currently 8.75%!)? Can I or should I file motion to extend time to file a response?
Please help me!
You should immediately contact your collection agency by writing a letter regarding the payments that you can make. You may ask the lender to reduce your principle amount so that it becomes easier for you to pay off the dues. The collection agency will let you know whether or not he would accept your request.
Thanks, I contact them I offer them a settlement for about 30% with a down payment a the rest on 36 month w/o interest, until now i did not get any answer.
pls help i was denied a loan modification because mortgage company stated that my loan was paid off on june 29, 2012. i was then transferred to a recovery department. this department wanted me to send in a down payment and make payments monthly. please explain what is going on.....especially since loan modification department informed me in writing that my loan had been paid off.
If the loan has been already paid off, then there is no need to pay any down payment or make monthly payments. You should contact your lender and ask them to clarify the status of your loan.
Hi I have 2nd. mortgage and tried to modify it. they didn't do the modification and now they sent to recovery dept. . What do you sujest me to do? Can they forclose the property? My first mortgage balalnce is higher than 2nd. mortgage.
hi fernando,
the lender may foreclose the property if it does not receive the payments on time. you can once again request the lender for a loan modification. if the lender refuses it, then you can apply for a deed in lieu of foreclosure in order to get rid of the debts.
the lender may foreclose the property if it does not receive the payments on time. you can once again request the lender for a loan modification. if the lender refuses it, then you can apply for a deed in lieu of foreclosure in order to get rid of the debts.