discount payoff agreement from 2nd mortgag
Date: Wed, 08/18/2010 - 11:48
HELP! heres the problem, I owe 45,000.00 on my first mortgage and 27,000.00 on my second. Since i lost my job we have been struggling making payments so we have late pays on our credit report. We got a discounted payoff agreement from the second mortgage for 4,975.00! This would be an answer to our prayers! But we can't get a loan cause of our credit. We only have 2 and a hlf weeks to comply! ANY suggestions? Please help!:confused:
So that's about 20% and that is as good as it gets on a heloc se
So that's about 20% and that is as good as it gets on a heloc settlement. ballmich got 17% and I got 20% over 1 year on a larger balance.
My suggestion is exactly what I did.... Tell them flat out you have no dinero and can only do this over payments. On a small balance like yours, they may do 6 payments.
Good Luck. dtm
Thankyou. I have been beside myself with worry. I will do just t
Thankyou. I have been beside myself with worry. I will do just that and see if payments can be made.
Quote:Originally Posted by debbie8498Thankyou. I have been besid
Quote:
Originally Posted by debbie8498 Thankyou. I have been beside myself with worry. I will do just that and see if payments can be made. |
Don't worry. It is all getting better but it takes time. These despicable banks knew exactly what they were doing when they advertised the easy money and they KNEW that some people (as in US) would not be able to pay. The bailout of these crooks was totally unfair. They should have all lost THEIR jobs.
Be SURE to not agree to a higher monthly payment than you can follow thru on. If you fail to pay by the terms, they can just apply the payments to the original balance and you lose your money and settlement.