Loans, Debt & Credit - View Single Post - Military member, underwater condo in Arizona, 80/20, please advise!

airforceguyinphx · 07-22-2009, 01:15 AM

Thanks to everyone for adding to this thread. I actually found that letter a few days ago and saved it in case I needed it in the future. But thanks for posting it for anyone following this thread to see!

Desertrat, again, thanks for answering my questions. I'm sure USAA will keep playing hardball and may sell the debt to a collection agency. My intent is to send them a letter detailing the non-recourse nature of the loan (after the trustee sale), and hopefully stop them before selling it off. I suspect their legal team is well aware of the AZ laws and would choose not to pursue this through the court themselves. I wonder if it's even worth offering them 5% of the $23k outstanding if they agree not to sell off the debt and just settle it for that. I doubt they would accept, but $1k to prevent years of harassment from debt collectors might be worth it, regardless of the fact the debt collectors wouldn't be able to collect.

I am meeting with an attorney in the morning, so I should be able to add more to this thread tomorrow.

07-22-2009, 01:15 AM	#16 (permalink)
airforceguyinphx Member Join Date: Jul 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Military member, underwater condo in Arizona, 80/20, please advise! Thanks to everyone for adding to this thread. I actually found that letter a few days ago and saved it in case I needed it in the future. But thanks for posting it for anyone following this thread to see! Desertrat, again, thanks for answering my questions. I'm sure USAA will keep playing hardball and may sell the debt to a collection agency. My intent is to send them a letter detailing the non-recourse nature of the loan (after the trustee sale), and hopefully stop them before selling it off. I suspect their legal team is well aware of the AZ laws and would choose not to pursue this through the court themselves. I wonder if it's even worth offering them 5% of the $23k outstanding if they agree not to sell off the debt and just settle it for that. I doubt they would accept, but $1k to prevent years of harassment from debt collectors might be worth it, regardless of the fact the debt collectors wouldn't be able to collect. I am meeting with an attorney in the morning, so I should be able to add more to this thread tomorrow.