Posted on: 15th Jun, 2010 05:08 pm
I received a settlement form my 2nd mortgage lender to settle for 3k (35k) they just send me a letter to repond which I did call n ask for add'l paper work n stuff they said all I have to do is send my money via cert fund is this normal process? would they be able to back out on there offer after I send my money n try to collect me on the remainding amount?
Hi teannett,
You've received a settlement offer from your lender though mail and I hope the lender has signed in that letter. They won't be able to deny or reject this agreement once you've paid them. If they do so, you can take legal actions against them. As far as sending the money through a certified fund is concerned, it may vary from lender to lender.
Thanks
You've received a settlement offer from your lender though mail and I hope the lender has signed in that letter. They won't be able to deny or reject this agreement once you've paid them. If they do so, you can take legal actions against them. As far as sending the money through a certified fund is concerned, it may vary from lender to lender.
Thanks
Teannett, we just defaulted on our second loan with GMAC at a 45K loan value. How long did it take for them to offer you a settlement, and how much were you unsecured?
Did you end up taking the settlement?
Did you end up taking the settlement?
Hi cancinoeva,
As you've already defaulted on your mortgage payments, you should immediately contact your lender and try for settlement. It will be completely the lender's discretion whether or not he would settle the dues or go for a foreclosure.
Thanks
As you've already defaulted on your mortgage payments, you should immediately contact your lender and try for settlement. It will be completely the lender's discretion whether or not he would settle the dues or go for a foreclosure.
Thanks