What I did not make clear in my earlier answers regarding negotiating mortgage debt, is that the negotiator on the other side will expect a financial disclosure from you and your spouse. For many consumers, the disclosure works in their favor because it shows the negotiator how weak the consumer's finances are. The negotiator takes this information to the investor and explains why he or she can get only 10, 20 or 40 cents on the dollar. No one is happy, but at least there is understanding.
You are proposing to negotiate a settlement where the negotiator would be flying blind, and a smart one will not do that.
Regarding your final question, does the junior still have a claim on the property? If the lien is stripped, perhaps in a bankruptcy, then the property is not encumbered by the junior, then there is a possibility the charged-off debt may never be collected. However, if the junior is tied to a lien on the property, I see no reason why a creditor would abandon that asset.
I hope this information helps you Find. Learn & Save.
Best,
Bill
Loading more commentsSince you don't have facebook, please provide us with your location and a valid email address so we can answer it. Without a valid email address,we can't reply. (Go back to login with Facebook)
Due to the high volume of comments received, we cannot publish and/or respond to every comment received. If you have a specific question, we recommend you search our site for an answer before commenting.
* Bills.com will not share, sell, lend, or make public your e-mail address. We reserve the right to delete any questions or comments that violate the Bills.com terms of service.
We get a lot of comments! To help us show our boss that this is a valuable service, so we can keep providing it, we ask you to do 2 things before commmenting:
Log in
Like us
Submit your comment!
Due to the high volume of comments received, we cannot publish and/or respond to every comment received. If you have a specific question, we recommend you search our site for an answer before commenting.
* Bills.com will not share, sell, lend, or make public your e-mail address. We reserve the right to delete any questions or comments that violate the Bills.com terms of service.
Thank you for your comment. Your comment will be posted shortly.
No Comments