Mates, I need some advise re: my 2nd loan that had a balloon payment past due.
Property Value: $155,000
1st Lender: CitiMortgage
1st Loan Balance:$153,000
Purchase money? Yes__X__ No____
2nd Lender: PNC Bank
2nd Loan Balance: $58,000
Purchase Money? Yes____ No__X__
My balloon is past due. I am thinking of writing them a letter since I haven't been able to talk to someone. I have already read the thread on settling the 2nd. However, I do not want my credit history to get messed up, so the need to mail them.
I am asking them for the following conditions to the settlement. Am I missing anything?
- I will pay the bank $5,000 as full settlement towards the loan
- PNC bank will remove an lien towards the title for my property at ...
- PNC bank will mark the loan as ‘Paid In Full’ to the credit reporting agencies
- No personal liability after settlement