For a year we had ongoing retaliation from gang members that lived next door to our house in Glendale, AZ.
In Nov 2011, they broke in robbed, vandalized, set fire to our home & killed 2 of my pets.
We had the home repaired but couldnt go back. We were upside down, like the rest of Phoenix. We had 5 short sales but all fell out cuz no one was able to get anything but high risk insurance on the property.
We had a 1st with WF for 98K & a 2nd with US Bank for 61K.
WF foreclosed 6/12 & it auctioned for 70K.
US Bank C/O 6/30/12. I didnt understand what C/O meant, until I ran our credit reports last week. I thought C/O made us clear of debt, like on our 1st. I was wrong.
Today I talked to "Mike" from US Banks recovery department. He said I have 2 options...
1). I could pay 154.00 a month until it was paid off. But he wouldnt/couldnt explain how it would effect our credit or how they would report it.
2). he said I could said an email to email@example.com and in the body of the email write what we are willing to offer in a settlement and how we are getting the money for the settlement. He also said it looked like there was a settlement out there but he couldnt tell me what it was or what that even meant. ?????
I am at a loss. I am not a stupid person but I have read through a lot on the internet and I am so confused.
First, how do I know what is a good percent to start with US Bank?
Second, what paperwork/forms do I get from them, that shows they will release us from the debt?
He was asking a lot of financial questions, he said so he could figure out what we could pay a month. I didnt really believe him.
We were never late on payment, our credit scores were 820 & 840 before all this happened....now our scores 670's.
The 61K 2nd is 74K with late fees/etc, showing on our credit reports.
I have explained in writing & over the phone what happened dozen of times, he made me do it again today. I have a broken heart over this and I start to cry. It puts me at a disadvantage and I feel like they use that against me.
I am tired of all of it and could really use some good guidance.
We need to be able to start over.
Thank You Diana