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CWMATT · 10-15-2008, 11:05 AM

Ok, I guess good news, not really sure. So I got a call just now from my account rep at CW and he said that upper management has accepted my Deed In Lue as long as I agree to a $10,000 promissary note to be paid back interest free over 3 years. I about dropped the phone. He said that it works out to about 300 a month and asked if I was ok with that. I said I would like to see the paperwork to see what it includes. He pressed for an answer, almost like saying he wasn't going to send it unless I agreed to it over the phone.

He did go on to say that if there was a better amount I could afford that I could counter. I asked about ZERO. He said that the deal would be cancelled due to the fact that my credit report shows I am paying everything else on time. After I got done laughing, I explained to him that when my business started going downhill a year and a half ago I started selling everything to reduce my monthly debt and that there is nothing else on my credit report with the exception of one credit card that I buy gas with. He really didn't seem to know all that much about the process and how they get to that amount of money but my 626 credit score was enough for the higher ups to charge me something.

So I told him that I could do 150 a month for 3 years (it's interest free also).

He was going to take my offer to the higher ups and let me know by tomorrow if that is acceptable.

I put 20% down and I didn't have a neg am loan, my house isn't as upside down as most people. I can't see this not going thru and if it doesn't, I really can't see a scenario that does. I guess I needed totally bad credit and be living under a bridge. Bad enough I am renting a room.

Has anybody else had to pay money to give a house back?

10-15-2008, 11:05 AM	#16 (permalink)
CWMATT Member Join Date: Aug 2008 Posts: 27 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	re: CW Deed in Lieu SUCCESS!! Ok, I guess good news, not really sure. So I got a call just now from my account rep at CW and he said that upper management has accepted my Deed In Lue as long as I agree to a $10,000 promissary note to be paid back interest free over 3 years. I about dropped the phone. He said that it works out to about 300 a month and asked if I was ok with that. I said I would like to see the paperwork to see what it includes. He pressed for an answer, almost like saying he wasn't going to send it unless I agreed to it over the phone. He did go on to say that if there was a better amount I could afford that I could counter. I asked about ZERO. He said that the deal would be cancelled due to the fact that my credit report shows I am paying everything else on time. After I got done laughing, I explained to him that when my business started going downhill a year and a half ago I started selling everything to reduce my monthly debt and that there is nothing else on my credit report with the exception of one credit card that I buy gas with. He really didn't seem to know all that much about the process and how they get to that amount of money but my 626 credit score was enough for the higher ups to charge me something. So I told him that I could do 150 a month for 3 years (it's interest free also). He was going to take my offer to the higher ups and let me know by tomorrow if that is acceptable. I put 20% down and I didn't have a neg am loan, my house isn't as upside down as most people. I can't see this not going thru and if it doesn't, I really can't see a scenario that does. I guess I needed totally bad credit and be living under a bridge. Bad enough I am renting a room. Has anybody else had to pay money to give a house back?