Posted on: 07th Mar, 2011 12:01 pm
I live in delaware and have the same issue as Zulma 2.5 years after foreclosure. When we bought our house the mortgage company (WF) gave us 2 mortgages. They foreclosed on the first and left the second. I remember when we were still in the house and I was trying to get a payment agreement on the first mortgage, they then looked at the 2nd mortgage and the rep slipped and stated it was charged off, but it does not show on my credit report as being charged off. Have you ever heard of a lender settling for half of what is owed?
I do not get a statement from them but maybe quarterly now. We want to purchase another house in a couple of years and don't want to file bankruptcy, but can't afford to pay even half of an old 2nd mortgage ($72k). Any advice on what to do?? :roll:
I do not get a statement from them but maybe quarterly now. We want to purchase another house in a couple of years and don't want to file bankruptcy, but can't afford to pay even half of an old 2nd mortgage ($72k). Any advice on what to do?? :roll:
Hi mld!
Welcome to forums!
It will be completely the lender's discretion whether or not he will settle the debt for half of the amount owed. If you can convince the lender about your financial problem, then he will be ready to settle the debts for you. If you want to buy any other other property, then you will have to pay off the existing debts in full.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will be completely the lender's discretion whether or not he will settle the debt for half of the amount owed. If you can convince the lender about your financial problem, then he will be ready to settle the debts for you. If you want to buy any other other property, then you will have to pay off the existing debts in full.
Feel free to ask if you've further queries.
Sussane
Thanks for your reply Sussane. Looks like we will have to file bankruptcy.
Hi mld!
Welcome to forums!
If you wish to file bankruptcy, then it will be better if you could contact a bankruptcy attorney and take his/her help in deciding which chapter of bankruptcy filing will be best suited for you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you wish to file bankruptcy, then it will be better if you could contact a bankruptcy attorney and take his/her help in deciding which chapter of bankruptcy filing will be best suited for you.
Feel free to ask if you've further queries.
Sussane