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Im in California and owe 90k. I am current with my payments but considering starting to miss payments. I would pay 20-25k for them to be gone. Last time I spoke to them 5 months ago they would only accept 45k.

Do you think that 45k number would go down if I started missing payments?


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They have already reduced the total payoff amount by 50%. I don't think they will reduce more. I think it is better to accept their offer. I don't feel missing payments is a good idea. They may sue you.

Sub: #1 posted on Tue, 12/14/2010 - 21:30

Good Nelly Good Nelly
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Deliberately missing mortgage payments is a bad idea. You will have to convince the lender about your financial hardship or else the lender will not accept your offer. If you deliberately miss payments, the lender may no accept your request.

It is completely the lender's discretion as to how much amount he will accept from you. You can negotiate for $20-$25k pay off. If the lender does not agree to it, then you'll have to pay $45k.

Sub: #2 posted on Wed, 12/15/2010 - 23:55

Anna Sweeting Anna Sweeting

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