Should I settle with Strategic Recovery Group?

[Macaroon]

We were foreclosed on, bank sold the house.
The remaining balance is $23,000.
Just got a letter from Strategic Recovery Group offering to settle for 30% or maybe 20%.
Any advice?
Don't want to file bankruptcy.

Thanks for any advice.

[TomEason]

Macaroon

Thanks for posting and welcome to Loansafe.

Since we don't know your state, or if this is your sold out 2nd you're talking about, no one can render any credible advice. However, if it is a SOJL, you might visit this thread Sold Out Junior Loans.

FYI, if it were me, I'd never even consider settling on a SOJL. The offered price is ridiculously high considering this debt is now worthless to any potential buyer (including your).

[Macaroon]

Thanks very much Tom.
It was a straight mortgage loan. Not a second.
House was sold on courthouse steps months ago.
Now there is a remaining balance of $23,000. (the difference between what was owed and the amount they received).
It was in MO. I still live in MO.
I was going to call (Strategic Recovery Group) on Monday and offer a 10 percent cash payment.

The letter and balance is in my name which I thought was odd.
The mortgage loan was in both my wife and my name.
But the remaining debt is now in mine only.

I'd appreciate any suggestions before Monday if possible.

I did read and kept your post on debt reduction.
We were foreclosed on illegally and have a strong case vs Fannie Mae.
But I've moved on. It would cost too much to sue the big boys.

I'm happy where I am and just want to get this debt (remaining balance) off of my back.

Thank you!!

[OverandDone]

Was yours a judicial foreclosure or a non-judicial foreclosure? Did they send you a 1099-C form after the sale?

[TomEason]

Macaroon

Thanks for your update. If it were me I wouldn't communicate with Strategic Recovery Group or anyone else. And I wouldn't settle. I would roll the dice and bet the lender never sues. However, if they did sue, you can still settle at any time before or during the litigation, or even post judgment.

The fact that they've contacted you about a settlement signifies the lender (whoever that is) won't sue for a deficiency. The offer from this CRA shows weakness. And we're talking about a pretty tiny amount here.

Since everyone has their own risk tolerance, I believe you should do whatever you think is best for you.

Good luck to you.

[HopingtoFind]

If I were to settle, I wouldn't go higher then 5% to 6%. If you really want to settle then give them a counter like 2%.

[Jeffcon]

Has anyone actually been sued by SRG? After months of phone calls, they now are threatening litigation. Getting really concerned. Please advise.

[outofTX]

Hi,

Sorry to dredge up an old thread, but I thought I'd try this before I start my own.

My home was foreclosed on a couple of years ago (in Texas). Wells Fargo immediately sold the home to Fannie Mae who sold it at a loss of about $27,000. Strategic started calling me and since I was overseas and didn't really have the money for a lawyer to deal with things, I agreed to a settlement of $5500. I thought that was a pretty solid settlement at 20%, but here I'm seeing under 10%.

Do I have the right to go back to Strategic and renegotiate the settlement? I've paid nearly $1500 at this point, or just over 5%. getting rid of this debt would put me about 5 months closer to being debt-free, which is a very happy thought.



Thoughts?

[TomEason]

Hi, Sorry to dredge up an old thread, but I thought I'd try this before I start my own. My home was foreclosed on a couple of years ago (in Texas). Wells Fargo immediately sold the home to Fannie Mae who sold it at a loss of about $27,000. Strategic started calling me and since I was overseas and didn't really have the money for a lawyer to deal with things, I agreed to a settlement of $5500. I thought that was a pretty solid settlement at 20%, but here I'm seeing under 10%. Do I have the right to go back to Strategic and renegotiate the settlement? I've paid nearly $1500 at this point, or just over 5%. getting rid of this debt would put me about 5 months closer to being debt-free, which is a very happy thought. Thoughts?

Thanks for your post. I presume Strategic is a SOJL. It that's the case, if it were me I wouldn't pay them anther penny on that virtually worthless unsecured debt. Strategic would be very fortunate to be offered as much as 2 percent by a debt buyer on the secondary market. You might visit the SOJL thread for more info. Sold Out Junior Loans

[outofTX]

Thanks for your post. I presume Strategic is a SOJL. It that's the case, if it were me I wouldn't pay them anther penny on that virtually worthless unsecured debt. Strategic would be very fortunate to be offered as much as 2 percent by a debt buyer on the secondary market. You might visit the SOJL thread for more info. Sold Out Junior Loans

Thank you for your response. If I understand the other thread correctly (forgive me--humanities brain here), what you're talking about is like the second mortgage on a home that's been foreclosed on? I never took out a second mortgage, so mine was a (?) senior loan.

[TomEason]

Thank you for your response. If I understand the other thread correctly (forgive me--humanities brain here), what you're talking about is like the second mortgage on a home that's been foreclosed on? I never took out a second mortgage, so mine was a (?) senior loan.

Thanks for your post. Since Strategic is your 1st, then my prior post is not applicable. Good luck.

[OverandDone]

I got a letter from them too. It was to settle the very small deficiency balance that I had left over. They were representing Fannie Mae. I chose to settle it for 40 percent because it was such a small amount and I just wanted it over with.