Trying to settle 2nd with Old Republic

[theylive]

I have been trying to settle my 2nd, originally with BofA... now sold off to Old Republic and they are in the process of sending me to "legal". I have gone round and round with my "account representative" over the past year and a half and am now on my fourth offer of $3800 on the original loan amount of $21,000... which is in my opinion, a great offer and that's all I have. They are sticking to their guns on the absolute lowest they'll take is $5,000. Has anyone ever dealt with "Old Republic" and had a successful debt settlement as paid in full? I really could use that money else-wear and am growing weary of trying to pay them. Thanks.

[Evan Bedard]

I have been trying to settle my 2nd, originally with BofA... now sold off to Old Republic and they are in the process of sending me to "legal". I have gone round and round with my "account representative" over the past year and a half and am now on my fourth offer of $3800 on the original loan amount of $21,000... which is in my opinion, a great offer and that's all I have. They are sticking to their guns on the absolute lowest they'll take is $5,000. Has anyone ever dealt with "Old Republic" and had a successful debt settlement as paid in full? I really could use that money else-wear and am growing weary of trying to pay them. Thanks.

I agree that your offer is definitely a fair amount to settle a 21k second.. Is the 2nd mortgage completely underwater? If so, remember these banks will always try to get as much money out of you as possible, but if there is no equity in the loan they are in no position to collect on the account and cannot initiate foreclosure..

[Cat Damiano]

Hi theylive,



Were you implementing the strategies in the settling second thread from the first posting on that thread? That thread post gives all of the information necessary on how to work on a settlement no matter which lender it is with.

Strategy for Settling Your 2nd

[theylive]

Thanks for the responses. It's been a while since I've been on here and I forgot to mention I had been foreclosed on and lost my condo over two years ago and they wrote off the first and are pursuing me on the second. Cat, I just found this thread section last night and to answer your question... yes and no. I did provide financials as I don't have much $$ on paper and I thought it might help, but I was wrong.

[theylive]

Oh yeah... I really want to get this debt wiped out as it's my last debt whatsoever and I will be completely debt free. So I put the money aside that I had allocated to settle with and I suppose I will just wait. The only thing that makes me a bit nervous is if it were to go to a lawyer and we go beyond the $5k range to settle? They did verbally offer $4500 to settle but I really don't have it and it's just $700 shy of my $3800 offer... to pursue me legally and try to garnish ect... wouldn't make sense on their end as it would be more costly than $700... at least I would think?

[Cat Damiano]

One would think, but unfortunately what we think and what the lender thinks are two very different ways of thinking, lol. Good Luck with the settlement, please keep us posted on how it works out.

[theylive]

Today the "negotiator" called and said that they would except $4000 by noon this Thursday and no less in response to my $3800 offer. We went round and round and He is really milking me and a very well trained negotiator. They are threatening to sue me over a $200 dollar difference and they just don't have common sense or care. I really am tapped out on the $3800 but scraping an additional $200 might be worth just for the peace of mind and to get rid of our last debt... I just really don't have the additional $200.... any thoughts or suggestions? Also can someone point me to a thread or give insight that gives a good guideline for getting the settlement offer in writing and what to have in the verbiage as far as the debt being paid in full and no one else could pursue me. Thanks so much!

[Cat Damiano]

Everyone has there own threshold when it comes to what they would be willing to settle for, if you are able to come up with the $200 in order to make this agreement and settle your final debt, that may be worth it.

Debt Settlement Agreement Letter Sample:

(Creditor's/Collection Agency's name) and (debtor's name) hereby agree to settle the debt under the following terms and conditions:

The Creditor and Debtor agree that the current outstanding debt is $________(balance amount).

Both the parties agree that (Creditor's/Collection Agency's name) will accept a sum of $_________ as full repayment of the debt. The (Creditor/ Collection Agency) consents to compromise the debt under the condition that the company will receive the settled amount by [date].

The settled amount shall be considered as paid in full and (Creditor's/Collection Agency's name) will take no further collection action on receiving the settled amount.

If the (debtor's name) fails to pay in the settled amount by [date], the agreement shall be terminated immediately and the (Creditor's/Collection Agency's name) shall immediately demand the outstanding amount owed by the (debtor's name) in full.

(Name of Creditor's Representative) shall declare that he is authorized to act as a representative of the Creditor's company.

This agreement for debt settlement shall be binding upon and have effect to the benefit of the parties, their successors, and assigns.

Dated (Today's Date)

Signature:______________________

Authorized Representative of [Creditor OR Collection Agency Name]

Signature:______________________.

(Debtor's name)