Winter or Retire in Gold Canyon ArizonaSummer is fading quickly into the past and winter is coming! Better make plans to visit Gold Canyon Arizona and live the lifestyle that makes Phoenix, Scottsdale,
I agree that getting advice from an Attorney is always a good idea. Having said that, it is my understanding that if they are going to report to the credit companies that the debt was "settled for less than the amount owed," it means they are not going to pursue the deficiency. Confirm with an attorney, but it is my understanding that a settlement is generally indicates a resolution of an issue.
Some junior lien holders just aren't willing to put the forgiveness language in their letter. Wells Fargo will not, however they will put it in an email. Have your Realtor ask if the lender will do that. If they will, print the email and keep it with the approval letter.
Another thing to consider, if the second were to pursue, standard practice is to sell the debt to a third party collection company for 10 cents on the dollar. Knowing that gives a borrower some leverage, if the second decides to pursue. In your case, if the loan is sold to a third party company for $2300.00, you can offer them $3000.00 and they would make a quick and easy $700.00.
Another option is to offer some extra money to the second if they will put the forgiveness language in the letter. However, before you do this, you need to make sure the first is willing to allow you offer money to the second money. They usually want any extra funds given to them.
Again, confirm with an Attorney, but I think you will be O.K. Good Luck.... more
No not even thinking about moving ,We have been meeting with people around hear are getting together H.O,As and county officials ,we also have TV stations contacting us so you may be hearing about hte problem of the terriost inthe sky thanks for your input . By the way I'm 60 mules from both airports and not in their normal flight patten . its the Training schools (Sky terrorist ) that have started harassing our area this past 8 months... more