I'd like your opinion on getting a bank to clear u
Date: Thu, 05/05/2011 - 11:29
Submitted by jesusislordinbakersfield
on
Thu, 05/05/2011 - 11:29
Total Replies: 1
I'd like your opinion on getting a bank to clear up my credit report.
The bank had my second mortgage(line of credit) on my house and released the lien on my house one year ago so I could do a short sale. They demanded 20% of loan to release the lien. They got it and released it. They stopped calling me at that time asking for payments. They refused at that time to release the entire amount of the loan. My credit report shows $60,000(remaining 80%) as an outstanding balance.
I asked for a settlement package and the bank wants all my financial info. I would like to ask them to remove the negative credit info in exchange for a settlement offer..maybe $10,000. But I don't want to give them all my financial info.
What do you think?
(18 months ago i was making good money, but I lost my job 1 year ago and have been living off of my 401k since then. I have about $50,000 left in it and no other savings. I am under 59 yrs old.)
Thanks!
The bank had my second mortgage(line of credit) on my house and released the lien on my house one year ago so I could do a short sale. They demanded 20% of loan to release the lien. They got it and released it. They stopped calling me at that time asking for payments. They refused at that time to release the entire amount of the loan. My credit report shows $60,000(remaining 80%) as an outstanding balance.
I asked for a settlement package and the bank wants all my financial info. I would like to ask them to remove the negative credit info in exchange for a settlement offer..maybe $10,000. But I don't want to give them all my financial info.
What do you think?
(18 months ago i was making good money, but I lost my job 1 year ago and have been living off of my 401k since then. I have about $50,000 left in it and no other savings. I am under 59 yrs old.)
Thanks!
You should try to find a job quickly. You are doing a terrible m
You should try to find a job quickly. You are doing a terrible mistake by living on the retirement funds. The settlement offer is quite low. I don't think the bank will accept such a low settlement offer. Nevertheless, go ahead and start negotiating with the bank. You can ask the bank to remove the info from the report in return of the settlement offer. But it will be the bank's discretion to accept it. Ya, don't reveal all the financial details to them.