All, I received a faxed letter today from Green Tree. My original loan servicer was Bank of America. I believe they either transferred or sold my second loan to Green Tree about 5 months ago. I have not paid on this second in almost two years but I have continued to pay my first on time. Therefore there has been no foreclosure.
Today I received a fax letter from them (attached). I spoke with them on the phone today and they stated they would settle my $56k second for $13k. The questions I have are as follows.
1. Is this faxed letter adequate? Can I simply just send them the money? Is this legally binding?
2. Is there anything else I should negotiate on the letter in regards to how they report to the credit bureau?
3. Anything else I should be aware of?
Thanks in advance for any feedback!