So i have read thru it seems like a hundred threads and havent found anything really close to my situation. So if there is a thread please send me the link to read up on.
Owe 240k on first - current
Owe 60k on second - haven’t made a payment in 12 months. Full amount charged off in december 2011
Home Value - 215 - 220k
Received a call from the recovery department and I was offered a 25% settlement back in Nov 2011 - about 15k on 60k. i declined as at the time i didnt have 15k. I counter offered at 6k and they declined. I haven’t heard a peep from them since until i was served with court papers last week with a lawsuit against me now for the original 60k. I called the bank recovery line and they said that all negotiations now have to be worked thru the lawyers office. I called the lawyer yesterday and talked with a secretary that was working my case. She gave the spill that i could make a offer but typically nothing under 60% would be accepted. She said that all offers would be sent to my bank for sr management approval or denial. is that true? if its charged off, then why would the bank still be involved? I counter offered 6k/10%. also, she said that the bank would need financials like tax returns, bank statements and a current pay stub before a decision could be made... hummm?
Any advice on next steps would be greatly appreciated.