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  1. R

    Trying to Settle 2nd with SLS

    2nd loan was originally $72.5k, I settled for $29k, but didn't have to make payments on it 5.5 years. So probably more like $60k, since I also got my $29k back when I sold the place (it closed earlier this month). Pretty hard to get 200k on a 72.5k mortgage! ;)
  2. R

    Trying to Settle 2nd with SLS

    Well, I'm in escrow on selling my place and the buyer has removed all contingencies. So fingers crossed it looks like the saga of my condo is quickly coming to a close. While at the time many people didn't seem to think the 40% offer from SLS was worth taking, I'm glad I did. That company was/is...
  3. R

    Trying to Settle 2nd with SLS

    I (who started this thread) settled for 40% three years ago. Ultimately glad I did. I just got a new job in another city so will be selling my condo which can't be rented out. A similar unit directly downstairs from mine just sold and if I get the same price I'm looking at pocketing a little...
  4. R

    Trying to Settle 2nd with SLS

    They cannot get to the money in your 401k unless you take it out and give it to them. They likely want to know if you have one and how much is in it because they will try to convince you to use that money to pay them even though that would be very costly to you in the way of taxes and penalties...
  5. R

    Trying to Settle 2nd with SLS

    SLS offered me a settlement at 40% two years ago (2014) with no financials. I took it because property values were recovering quickly in our area and we were no longer underwater. SLS is one of the tougher companies to get a settlement with since generally they don't own most of the mortgages...
  6. R

    Full Extinguishment In 2015 / 1099c?

    I wouldn't completely write off the chances of the mortgage debt tax relief getting extended another year. After so many one year extensions, they have sort of gotten in the habit of extending it. Unfortunately they are unlikely to address it before December.
  7. R

    Trying to Settle 2nd with SLS

    In your situation 50% is definately too high. I never showed financials because if I did it would show that I could have easily made the payments. Remember, the main thing they are going to be looking for in your financials is how much money they can extract from you. So if you have any money...
  8. R

    Trying to Settle 2nd with SLS

    I did some more digging on the progress of the bill to extend the mortgage debt tax relief for California for 2014. The bill, after a couple cosmetic amendments was reviewed by its committee and was put in the Appropriations committee's "suspense file". I thought, wtf is that, so did some...
  9. R

    Trying to Settle 2nd with SLS

    Well if you plan on not paying the first, then I wouldn't bother making any counter offer on the 2nd.
  10. R

    Trying to Settle 2nd with SLS

    Well one thing to keep in mind is that every year it seems California takes a little longer, drags its feet a little more, in conforming to Federal law for debt forgiveness. Right now AB-99 which would do it for 2014 is sort of sitting in committee gathering dust, no chance of passage before...
  11. R

    Trying to Settle 2nd with SLS

    My outdated browser isn't letting me edit my previous comment, but latest news is that the bill to conform CA law to federal law for the debt relief is AB-99 introduced on 1/8/15 by Perea. It's been read by the committee on Revenue and Taxation, then amended to clean up the language and referred...
  12. R

    Trying to Settle 2nd with SLS

    Uncle Sam didn't come looking for me. The debt relief got extended and I got my usual refund from them. I'm still trying to figure out what to do about Uncle Cal(ifornia). I wrote to my representatives in the state legislature about the issue but never heard anything back from them. They will...
  13. R

    Trying to Settle 2nd with SLS

    Missed this. If that was addressed to me, no my second was not dismissed in a bankruptcy. I took SLS's 40% offer to settle the second when the sent out a round of those offers last year.
  14. R

    Trying to Settle 2nd with SLS

    What is the house worth and do you want to keep it? These are important factors in what type of stance you take. Unless the house is worth over $200k SLS would be very unlikely to foreclose. If you do have equity in the house but can't refi to deal with the ballon payment, you might be able to...
  15. R

    I've Been Sued And Received A Counter-offer I Can Afford.

    No idea on having received a 1098 instead of a 1099-C. Perhaps it had something to do with you settling with the insurance company that paid off the bank rather than the bank having written off the loan and taken a loss. This might be worth consulting a tax expert about before you end up...
  16. R

    Got a 1099-C for 2013? Californians are in for a big surprise.

    I hope that this gets extended again. Of course I will likely put my state return on extension this year in the hopes that it does get changed before the October extended deadline. Of course the decision then becomes if I prepay the tax and hope to get it refunded, or not pay it and risk...
  17. R

    Trying to Settle 2nd with SLS

    Well, recent history indicates that they will likely extend it for 2015 at the very end of 2015. Keep your fingers crossed, good luck!
  18. R

    Trying to Settle 2nd with SLS

    Interesting, it looks like SLS thinks the housing market is recovering and they are upping their default offer to 50% from 40%. If your first is still underwater then stay strong and keep saving money by not making those payments on the 2nd. SLS is extremely difficult to negotiate with and...
  19. R

    Trying to Settle 2nd with SLS

    The House has passed 1 year extension (for 2014) and it is in the Senate right now. The expectation is that the Senate will pass the 1 year extension (its mixed in with a whole bunch of other 1 year tax extensions that mainly benefit corporations). They took out the permanent corporate tax...
  20. R

    Our battle with our 2nd is finally over!

    Thanks, hopefully lightning will strike twice and both the feds and state will renew it for 2014. Fingers crossed.