Post your Short sale experience dealing with credit union for 2nd Mortgage

[janran]

In this forum I found bit and piece of information about credit union behavior which are not generic as compared to big banks.So I have created this specific thread to post your experience related to credit unions only. Most of us use them for 2nd loan purpose.Having a 2nd loan itself is a big pain for short sale process.On top of that credit union are kind of very very particular about getting their money back even if they need to spend more.

Now coming back to my scenario

House in California
1st loan Wells fargo (390K)
2nd loan DCU (Digital Federal Credit Union) -34K
Current house value - 230K
Default on both loan about 6 months.

Currently SS process is with WF.NOD is already filed 2.5 months ago. DCU reject my SS offer and now they send my file to a collection agency to collect the loan on their behalf.I am not sure if they will take any settlement offer or not.Will post you my experience once i hear more from CA/DCU. Will appreciate your experience with any credit union which may help everyone to find some useful tips.Hoping to hear from you. Thanks.

[jakester]

Hello, janran.

I wish I had experience to share with you. Alas, I am in similar boat as you in that I am interested in information about this CU. I am just starting the process of nonpayment and no communication.

You mentioned in separate thread that DCU wrote your loan off. I thought that by definition this meant that they wrote the value down to whatever they sold the loan for. This post reads like DCU still holds the loan but they are outsourcing harrassing/collections. Thanks in advance for continuing to share you experience. I will do the same.

[Evan Bedard]

Hey Janran,

Yes you are definitely correct that having a second mortgage can make the short sale process much more difficult to complete.. It is hard to get a second mortgage holder to agree to the short sale and/or many times it is difficult to get the 1st mortgage holder to offer enough to the second to satisfy the sale.. Have you made any progress on this in the last couple weeks?

[janran]

Hey Janran,

Yes you are definitely correct that having a second mortgage can make the short sale process much more difficult to complete.. It is hard to get a second mortgage holder to agree to the short sale and/or many times it is difficult to get the 1st mortgage holder to offer enough to the second to satisfy the sale.. Have you made any progress on this in the last couple weeks?

After 6-7 month got an approval from Wells fargo. Now the tough job started to convinced the 2nd lien holder. Being CU its really getting difficult.Will update you once things got finalized.Wish me Luck ;-)

[Evan Bedard]

After 6-7 month got an approval from Wells fargo. Now the tough job started to convinced the 2nd lien holder. Being CU its really getting difficult.Will update you once things got finalized.Wish me Luck ;-)

Wow 6-7 months just to get your 1st to approve the sale, that is quite some time.. I truly hope all your hard work and due diligence will pay off in the end, good luck!

[janran]

Wow 6-7 months just to get your 1st to approve the sale, that is quite some time.. I truly hope all your hard work and due diligence will pay off in the end, good luck!

Unfortunately not. DCU flatly denied the short sale due to lack of hardship. So definitely they are putting me into hardship by forcing me into foreclosure.

[Evan Bedard]

Unfortunately not. DCU flatly denied the short sale due to lack of hardship. So definitely they are putting me into hardship by forcing me into foreclosure.

It really makes no sense why underwater seconds deny short sales when they are aware they will not nothing if they let the property go into foreclosure.. Are you still considering settling the second? Here is a great thread that will show you everything you could need to know about settling a second:

Strategy for Settling Your 2nd

[payur]

Almost same situation, WF agreed to pay $6000 on 2nd lien holder, but DCU rejected the short sale. DCU is asking for 30K settlement(which is 50% of the 2nd loan) through payment plan. Short sale to close by May 10th. Please advice.

[Evan Bedard]

Almost same situation, WF agreed to pay $6000 on 2nd lien holder, but DCU rejected the short sale. DCU is asking for 30K settlement(which is 50% of the 2nd loan) through payment plan. Short sale to close by May 10th. Please advice.

I'm surprised the first is even offering the second lien holder 10% of the balance to complete the sale.. You will be paying on the second for quite some time if you agreed to a 30k repayment plan.. Are you in CA as well, and are both mortgages purchase money loans? If so, a short sale is not going to benefit you because the affects will be almost identical to that of a foreclosure so agreeing to this offer would not be a wise decision.

Here is a great thread on the comparison between a short sale vs foreclosure:

SS vs DIL vs FC Comparison

[payur]

Thank you Evan for the reply!

I am in Florida, I am not sure if my mortgages are money loans. How do I find that?

Here is what DCU says in their SS package:

Once we have reached an amicable agreement in regards to releasing the lien, we will need an updated financial worksheet to begin processing the workout loan for the deficit. Please note that DCU will not release you of your obligation to repay the deficit and payment arrangements must be worked out prior to closing.

Although DCU does not relieve the member(s)/seller(s) from the deficient amount after the sale, where applicable by law. We recommend the member(s)/seller(s) submit a workout loan application in which DCU would review to provide an unsecured loan. If the member(s)/seller(s) choose not to apply, are denied a workout loan or are unable to come to an agreement, the remaining balance will be charged off to a Third Party Debt Collector.

I'm surprised the first is even offering the second lien holder 10% of the balance to complete the sale.. You will be paying on the second for quite some time if you agreed to a 30k repayment plan.. Are you in CA as well, and are both mortgages purchase money loans? If so, a short sale is not going to benefit you because the affects will be almost identical to that of a foreclosure so agreeing to this offer would not be a wise decision.

Here is a great thread on the comparison between a short sale vs foreclosure:

SS vs DIL vs FC Comparison

[Evan Bedard]

They are really playing hardball with you and I do not recall anyone having to agree to pay off half the 2nd balance through a repayment plan in order for the short sale to go through.. How many months are you behind on your payments and how far underwater are your mortgages?

[payur]

They are really playing hardball with you and I do not recall anyone having to agree to pay off half the 2nd balance through a repayment plan in order for the short sale to go through.. How many months are you behind on your payments and how far underwater are your mortgages?

I have stopped payments since November 2010
Underwater on mortgages for about: 115K

1st Mortgage: 195K
2nd Mortgage: 65K
Approved price by 1st lein holder: 145K
1st lien holder willing to pay to 2nd lien holder: 6K

[Martinique]

Evan, thank you so much for all the information you give on this website. I really appreciate it.

I have started short sale proceeding with Chase. I am in California. I have 2 loans, both money purchase loans with the same lender. Does it make it easier if both loans are with the same bank ?
Also, I missed my first payment. If I start getting phone calls, can I just tell them that I am pursuing a short sale and to stop calling me or do I need to send a letter ?

[payur]

I am not sure about the two loans with same bank.

Regarding the calls, I think they will still keep calling you for 2 to 3 months, may be more. They are calling to collect the debt and probably you have to explain your hardship and why you cannot make payments.

Evan, thank you so much for all the information you give on this website. I really appreciate it.

I have started short sale proceeding with Chase. I am in California. I have 2 loans, both money purchase loans with the same lender. Does it make it easier if both loans are with the same bank ?
Also, I missed my first payment. If I start getting phone calls, can I just tell them that I am pursuing a short sale and to stop calling me or do I need to send a letter ?

[Evan Bedard]

Evan, thank you so much for all the information you give on this website. I really appreciate it.

I have started short sale proceeding with Chase. I am in California. I have 2 loans, both money purchase loans with the same lender. Does it make it easier if both loans are with the same bank ?
Also, I missed my first payment. If I start getting phone calls, can I just tell them that I am pursuing a short sale and to stop calling me or do I need to send a letter ?

Thanks for the kind words Martinique. Since you are in CA and both of your mortgages are purchase money loans there is not much benefit pursuing a short sale.. You are protected from a judgement due to the non-recourse status of your loans so pursuing a short sale will not be that much different than just walking away. Here check out the thread below, it has great information about the difference between a short sale, foreclosure and DIL..

SS vs DIL vs FC Comparison

[Martinique]

Thanks, Evan. I have an offer from a solid buyer on my house, so the short sale request has been submitted. If it's not accepted, I'll go with the foreclosure. I just don't want to deal with annoying phone calls. I was told that a short sale would not affect my credit score as much as a foreclosure but I see that there are different opinions on this subject. I would like to be able to buy another house in 2 or 3 years and it's easier to do that with a short sale.

[Cat Damiano]

Hi Martinique,


The effect on credit is similar with short sale, deed in lieu, or foreclosure;

How foreclosure impacts your credit score - Apr. 22, 2010


You are correct in that you would be able to buy again sooner with a short sale;


Buying a Home After Short Sale or Foreclosure


In order to stop the calls, you can send the following cease and desist letter that I have previously posted in other members threads that have reported it helped end the calls.

Fair Debt Collection Practices Act (FDCPA) - Federal Law

15 USC 1692c
§ 805. Communication in connection with debt collection

(a) COMMUNICATION WITH THE CONSUMER GENERALLY.
Without the prior consent of the consumer given
directly to the debt collector or the express permission of
a court of competent jurisdiction, a debt collector may not
communicate with a consumer in connection with the collection
of any debt;

(1) at any unusual time or place or a time or place known
or which should be known to be inconvenient to the
consumer. In the absence of knowledge of circumstances
to the contrary, a debt collector shall assume that the
convenient time for communicating with a consumer
is after 8 o’clock antimeridian and before 9 o’clock
postmeridian, local time at the consumer’s location;

(3) at the consumer’s place of employment if the debt collector
knows or has reason to know that the consumer’s
employer prohibits the consumer from receiving such
communication.


Sample Debt Collection Cease and Desist Letter



Today's Date
Your Name
Your Address
You Loan Number

Collector's Name
Collector's Address



Dear Debt Collector, (Insert Name)


I am writing to request that you cease your communication with me. The Fair Debt Collection Practices Act specifically states in Section 805(c), referencing ceasing communication that you must cease all communication with me after being notified in writing that I no longer wish to communicate with you.


Therefore, I require that you stop calling me at work. In addition, do not call or communicate with any third party acquaintance of mine per section 805(b)2 of the Fair Debt Collection Practices Act.


According to the FDCPA’s federal guidelines, I understand that once you receive this letter, you may only contact me to inform me that you:

• are terminating further collection efforts
• are invoking specified remedies that are ordinarily invoked by you or your company
• intend to invoke a specified remedy.

Be advised that I am aware of my rights, and that I am keeping records of all correspondence and communication from you and your company, including tape recording all phone calls. If you continue calling me, I will pursue all available legal actions to stop you from harassing me and my family.


Signature
Your Printed Name

[samvg]

Hello janran What happened to your case? I'm in the same boat like you with DCU. 30K loan balance. Wife have job. They wantthe full amount paid or NO shortsale. The first bank and the buyer is waiting for this ****ards. They don'ttake anything except full in payment. Does the collecte going to sue me? please update what happened to you.thanksSam.

In this forum I found bit and piece of information about credit union behavior which are not generic as compared to big banks.So I have created this specific thread to post your experience related to credit unions only. Most of us use them for 2nd loan purpose.Having a 2nd loan itself is a big pain for short sale process.On top of that credit union are kind of very very particular about getting their money back even if they need to spend more.Now coming back to my scenario House in California1st loan Wells fargo (390K)2nd loan DCU (Digital Federal Credit Union) -34KCurrent house value - 230KDefault on both loan about 6 months.Currently SS process is with WF.NOD is already filed 2.5 months ago. DCU reject my SS offer and now they send my file to a collection agency to collect the loan on their behalf.I am not sure if they will take any settlement offer or not.Will post you my experience once i hear more from CA/DCU. Will appreciate your experience with any credit union which may help everyone to find some useful tips.Hoping to hear from you. Thanks.

[samvg]

Payur I'm in the same boat like you with DCU. The denied the shortsale and want the balance 30K in fullor no shortsale. I tried everything no way. My last date for SS from first bank is Apr 30. I don't know what elseto do. Will the collector sue me? thanksSam.

I am not sure about the two loans with same bank. Regarding the calls, I think they will still keep calling you for 2 to 3 months, may be more. They are calling to collect the debt and probably you have to explain your hardship and why you cannot make payments.

[Evan Bedard]

Payur I'm in the same boat like you with DCU. The denied the shortsale and want the balance 30K in fullor no shortsale. I tried everything no way. My last date for SS from first bank is Apr 30. I don't know what elseto do. Will the collector sue me? thanksSam.

Hello Sam,

What state is your property located in? Is your 2nd a purchase money loan or did you obtain it through a refinance? This will help decide whether or not they can pursue you for a judgement if you do go to foreclosure or short sale..

[samvg]

Evan
Thanks for your reply. Prop is in Las Vegas NV. The second was used to purchase the home as 15% equity loan and then refinanced
to DCU. The home was bought as 80%-15%-5%down.

[rseth123]

After 6-7 month got an approval from Wells fargo. Now the tough job started to convinced the 2nd lien holder. Being CU its really getting difficult.Will update you once things got finalized.Wish me Luck ;-)

Janran: What was the final conclusion with DCU. I also have my second with DCU.

[samvg]

Janran: What was the final conclusion with DCU. I also have my second with DCU.

rseth
DCU bastards denied my shortsale. They demanded full amount upfront. As part of my negotiation through an attorny
we offered

1. 10% of the money anwer NO
2. 30% NO
3. 50% ( myself, first bank and the buyer) NO.
4. I offered full payment in installment interest free NO..

At that point I lost my patience. I called the manager "bastard" over phone. End of the story. Property
is pushed to foreclosure. DCU won't agree for anything. For me they said that my wife has enough income
to cover it.

If you or your spouse has income is over your expense + DCU payment then they will not agree for shortsale.

Digital Federal Credit Union is a bastard bank.

sam.

[rseth123]

rseth
DCU bastards denied my shortsale. They demanded full amount upfront. As part of my negotiation through an attorny
we offered

1. 10% of the money anwer NO
2. 30% NO
3. 50% ( myself, first bank and the buyer) NO.
4. I offered full payment in installment interest free NO..

At that point I lost my patience. I called the manager "bastard" over phone. End of the story. Property
is pushed to foreclosure. DCU won't agree for anything. For me they said that my wife has enough income
to cover it.

If you or your spouse has income is over your expense + DCU payment then they will not agree for shortsale.

Digital Federal Credit Union is a bastard bank.

sam.

Sam

Thank you so much for the update. I feel your pain and I am so sorry to hear your story. I am in the same boat as you but I think I should use a different strategy of first stop paying them and let them send into collections so that they are out of picture.

Ritesh

[samvg]

Sam

Thank you so much for the update. I feel your pain and I am so sorry to hear your story. I am in the same boat as you but I think I should use a different strategy of first stop paying them and let them send into collections so that they are out of picture.

Ritesh

Ritesh
I would not advise you to do that. If they sent to collections, that does not mean they release the lien. Thats
what exactly happened to me. They sent it to collections, but did not release the lien. I talked to collector and
offered 5K, if they release the lien. They said NO. All the negotiations we did that I mentioned in my last post were after it was sent to the collector.
The best way to work with them would be, pay until you get a shortsale offer. In the meantime call them and sugarcoat, saying that I will somehow pay your loan blah blah...Once you have an offer, tell them that you will
keep paying the loan but agree for the shortsale. Once they agree and the sale is through, then screw those bastards.
In my case my loan was 50K. With interest I paid almost 40K. The balance was 28K. We offered them 15K altogether and still they did not agree. If they accepted it, they still would have made 5K profit, considering the
situation. I recommend to screw them in anyway you could.

sam.

[rseth123]

Ritesh
I would not advise you to do that. If they sent to collections, that does not mean they release the lien. Thats
what exactly happened to me. They sent it to collections, but did not release the lien. I talked to collector and
offered 5K, if they release the lien. They said NO. All the negotiations we did that I mentioned in my last post were after it was sent to the collector.
The best way to work with them would be, pay until you get a shortsale offer. In the meantime call them and sugarcoat, saying that I will somehow pay your loan blah blah...Once you have an offer, tell them that you will
keep paying the loan but agree for the shortsale. Once they agree and the sale is through, then screw those bastards.
In my case my loan was 50K. With interest I paid almost 40K. The balance was 28K. We offered them 15K altogether and still they did not agree. If they accepted it, they still would have made 5K profit, considering the
situation. I recommend to screw them in anyway you could.

sam.

Sam:

Thank you so much!! Excellent advice but one question: Maybe I am not aware how the lien works. So if they put the lien on my house then does it work like a second loan where lien has to release in order to sell either by paying or settling? And In your case it did not work because it was in collections which is why either you pay then full? Sorry more questions, was it their collections department or actual debt collector for you?

I also know a close friend here who went through the same with DCU. They did not accepted his short sale offer and let it in foreclosure. But in his case first and second both were with DCU. SS offer was $230K and the house was sold in foreclosure for $190K.

[samvg]

Sam:

Thank you so much!! Excellent advice but one question: Maybe I am not aware how the lien works. So if they put the lien on my house then does it work like a second loan where lien has to release in order to sell either by paying or settling? And In your case it did not work because it was in collections which is why either you pay then full? Sorry more questions, was it their collections department or actual debt collector for you?

I also know a close friend here who went through the same with DCU. They did not accepted his short sale offer and let it in foreclosure. But in his case first and second both were with DCU. SS offer was $230K and the house was sold in foreclosure for $190K.

rseth
In my case DCU was second loan. When they give you a loan, they have lien always on your collateral( in my case the house). Otherways what is the point? DCU had the loan for 6 months in the account without payment
and then they moved it to collection. This collection business work in several ways I think. One way is like the bank sell everything. ie they sell the loan & the right to property. ( Whether its with collector or not there is always a lien
on the property). If that is the case, then you can pay some money to collector and get the lien released. The collector might be buying it for $1 for every $100 owed. The other case is that bank just appoint a collector and collector, collects it on their behalf and they share the blood & meat. In this case the bank decides, if they want to release the lien or not for a lesser amount than you owe. Unfortunately I'm in the latter case. I'm talking from my experience. There might other ways these traitors operate.

Could you check with your friend and let me know what happened after the foreclosure? Did they
pursue him after that? what was their action?

send me an email samvictor811 at yahoo . we can chat in yahoo messenger or something.
I don't want anybody ending up in my situation

sam.

[kman-uw]

Sam:

Thank you so much!! Excellent advice but one question: Maybe I am not aware how the lien works. So if they put the lien on my house then does it work like a second loan where lien has to release in order to sell either by paying or settling? And In your case it did not work because it was in collections which is why either you pay then full? Sorry more questions, was it their collections department or actual debt collector for you?

I also know a close friend here who went through the same with DCU. They did not accepted his short sale offer and let it in foreclosure. But in his case first and second both were with DCU. SS offer was $230K and the house was sold in foreclosure for $190K.

Sam & Ritesh..Thanks for sharing your experience with DCU, Can you guys pl's update what happened to your cases and how u guys are settling the 2nd loan with dcu.I am also in a simillar situation and i am almost 40k underwater with them.Currently in beginning stages of short sale process, By reading your posts i am kind of worried don't know which direction to even think..Any update would be really helpful.

[samvg]

Sam & Ritesh..Thanks for sharing your experience with DCU, Can you guys pl's update what happened to your cases and how u guys are settling the 2nd loan with dcu.I am also in a simillar situation and i am almost 40k underwater with them.Currently in beginning stages of short sale process, By reading your posts i am kind of worried don't know which direction to even think..Any update would be really helpful.

Kman
Mine is still not settled. Infact I am not sure what status is my house and loan are. DCU demanded full payment for loan release and I told them
to **** off! We offer 15K ( outstanding is 29K ) and still they did not take it. So I just walked away. As far as I know the property is in foreclosure.
Due to some law changes in Nevada I think the property is in dispute or something. So far I don't have any repercussions except my credit. I have couple of my credit cards. 1 is $3000 max limit and the other one is $1500. And I am still getting credit card offers. I changed job couple times and
with huge companies and my credit status did not affect at all for employment.

As far as recovering banks loss, nobody calls me. Not first bank nor second which is DCU or their collectors. Nobody is bothering me. I don't even
think about it anymore. My only worry is that if I invest in something with cash, if they will come back after me, sooner or later. And I am trying to see what I could to avoid that.

hope this helps. If you have any specific questions, I am more than happy to help. And please screw DCU the best way you could!

thanks
sam.

[kman-uw]

Sam,

Thanks for your response..I went thru couple of threads on this forum and it looks it's very hard to work with these guys and they push you to the FC.As i think they might have some sort insurance on these HELOC loans and they get paid everything if loans goes on FC..I have to decide which direction to go, As it looks only option is FC if SS doesn't get materialize..

Kman

[samvg]

Sam,

Thanks for your response..I went thru couple of threads on this forum and it looks it's very hard to work with these guys and they push you to the FC.As i think they might have some sort insurance on these HELOC loans and they get paid everything if loans goes on FC..I have to decide which direction to go, As it looks only option is FC if SS doesn't get materialize..

Kman

Kman
It looks like they got something like that. In my case I offered
1) 15K as settlement they declined. ( Outstanding is 30K). ( This is a great deal for the bank. Usually 10% is the settlement they get )
2) fully payment interest fee for 5 years declined.

Since they declined both, I feel like there is something going on. Fortunately Nevada changed their law and it is a non deficiency state now. So
it will be more difficult for the first lender to comeback after me, which is great for me. Its been an year and nobody calls me or bother me for
anything.

One way to fool DCU would be to keep paying them until the shortsale is through. Once its through, then walk away. if you already stopped
paying them, they may not even listen to you. Keep updating here. Feel free to ask more questions. I am more than happy to help out anyway
I could

sam.

[kman-uw]

Sam...I am actually two months behind with them and they are calling me for payment already, refinanced this loan couple of yr's back and I live in NY which is a recourse state i believe.So they might comeback after me..Moreover FC in NY takes more than a year. Currently i almost paying $600/month for this loan..Which is lot of money to pay after SS and loosing the house.I hope at-least they will accept for interest free loan. If i say i will continue paying after this SS what do they ask me? .Are they convert that HELOC loan to something else or to sign a note..Any idea ?.

[samvg]

Sam...I am actually two months behind with them and they are calling me for payment already, refinanced this loan couple of yr's back and I live in NY which is a recourse state i believe.So they might comeback after me..Moreover FC in NY takes more than a year. Currently i almost paying $600/month for this loan..Which is lot of money to pay after SS and loosing the house.I hope at-least they will accept for interest free loan. If i say i will continue paying after this SS what do they ask me? .Are they convert that HELOC loan to something else or to sign a note..Any idea ?.

Kman
I am guessing you have first loan with some other lender. Second with DCU. They might allow you a SS if you don't have a job and your
wife do not have a job. In another words, if you still have an income to barely cover both mortgages and you and family expenses they may NOT
allow an SS. The idea is to have really compelling financial problem. If they feel that you are making a business decision( ie you are trying to
limit your losses but you have enough income to cover everything) they will NOT allow it. In my case technically, my wife had enough income to
cover everything.
They can come back after you but its very difficult. ( I am assuming your balance is about $35K with DCU). Usually they will sell it to a collector
and you settle it with the collector. By paying them 10% you can easily settle them. They can go to court but chances are very very less. They need
to spend a fortune for that. Your credit will be trashed. If there is a foreclosure, its going to be anyway.

sam.

[kman-uw]

Kman
The idea is to have really compelling financial problem. If they feel that you are making a business decision( ie you are trying to
limit your losses but you have enough income to cover everything) they will NOT allow it. In my case technically, my wife had enough income to
cover everything.
sam.

Sam..U mentioned that "Enough Income to cover everything? ...In my situation almost 60% of my earning are just going towards mortgage payments,electric,gas,HOA bills alone..Can you give me an example or some income vs exp ratio to determine compelling financial hardship?

[kman-uw]

I have stopped payments since November 2010
Underwater on mortgages for about: 115K

1st Mortgage: 195K
2nd Mortgage: 65K
Approved price by 1st lein holder: 145K
1st lien holder willing to pay to 2nd lien holder: 6K

payur..Any update on your situation..Did u able to settle with this dcu .i am also in a similar situation.

[scsatl]

Sam..U mentioned that "Enough Income to cover everything? ...In my situation almost 60% of my earning are just going towards mortgage payments,electric,gas,HOA bills alone..Can you give me an example or some income vs exp ratio to determine compelling financial hardship?

rseth123, sam, kman,

Any update on DCU second loan. I am in the same boat with DCU on my second loan (64K). What is best way to negotiate with DCU.

Current Offer: 175K
First Loan (CITI): $143K
Second Loan (DCU - HELOC): $64K

If I sell the house, I can pay-off my first loan with CITI and about 32K for DCU. I am still short of 32K for DCU. Please advise on how to deal with DCU in my situation.

Thanks in advance.

[Spwild]

rseth123, sam, kman,

Any update on DCU second loan. I am in the same boat with DCU on my second loan (64K). What is best way to negotiate with DCU.

Current Offer: 175K
First Loan (CITI): $143K
Second Loan (DCU - HELOC): $64K

If I sell the house, I can pay-off my first loan with CITI and about 32K for DCU. I am still short of 32K for DCU. Please advise on how to deal with DCU in my situation.

Thanks in advance.

We have not paid DCU in 10 months and got a 50% settlement offer on $73k..may have been triggered by listing for short sale..

we are hoping for 10% settlement..not sure how to proceed..

[kman-uw]

rseth123, sam, kman,

Any update on DCU second loan. I am in the same boat with DCU on my second loan (64K). What is best way to negotiate with DCU.

Thanks in advance.

Still long-way to deal with them. I hope somebody who is already dealing with them should chime in here and update their situation.Are you still current in payments with them?

[kman-uw]

We have not paid DCU in 10 months and got a 50% settlement offer on $73k..may have been triggered by listing for short sale..

we are hoping for 10% settlement..not sure how to proceed..

spwild: Did you got that 50% offer from dcu after your loan got charged off ?. After how many months did they gave that offer, Can you please share your experience?