My second mortgage company(line of credit, actuall
Date: Thu, 05/05/2011 - 11:19
Submitted by jesusislordinbakersfield
on
Thu, 05/05/2011 - 11:19
Total Replies: 1
My second mortgage company(line of credit, actually) released the lien on my house 1 year ago so I could do a short sale. They demanded 20% of the loan amount to release the lien. They were paid it and they released it. But they wouldn't release the remaining 80%- $60,000.
They have stopped calling me(for the past year) asking for payments. But I want to get this $60,000 off of my credit report as an outstanding balance. I asked for a "settlement package" from them and they want all types of financial info from me.
QUESTION:
I would like to just send them a letter offering $10,000 or so to erase the debt and fix my credit report. I don't want to give them all of my financial data. What do you think?
(I was making good money, but lost my job 1 year ago and have had no income for 1 year. I've been living off of my 401k, which has about $50,000 left in it. I have no other savings.)
thank you.
They have stopped calling me(for the past year) asking for payments. But I want to get this $60,000 off of my credit report as an outstanding balance. I asked for a "settlement package" from them and they want all types of financial info from me.
QUESTION:
I would like to just send them a letter offering $10,000 or so to erase the debt and fix my credit report. I don't want to give them all of my financial data. What do you think?
(I was making good money, but lost my job 1 year ago and have had no income for 1 year. I've been living off of my 401k, which has about $50,000 left in it. I have no other savings.)
thank you.
They are not likely to settle AND take it off your credit....you
They are not likely to settle AND take it off your credit....you are asking too much. Plus not disclosing financial information .....they will think you are hiding something.
