How to settle 2nd mortgage with RTR

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LoanSafe Member
Feb 26, 2014
I am current on my 1st mortgage. Even though I have not paid 2nd mortgage for 6 years, RTR keeps putting recent delinquency on my credit report. I have never had contact of any kind with this debt collector. Should I try to settle this myself, or do I need attorney? And what percentage should I offer. Amount is $15000. I know this is small amount but I am retired have fixed income and this would be a struggle. Thanks for your help!


LoanSafe Member
Jun 20, 2017
If you didnt file bankruptcy, they will try to collect. Bankruptcy would release you of the debt, but they would still have a lien on the property. The lien will still be there when you want to sell and that is a major problem.

Your second mortgage holder probably assigned/sold the debt to a debt collector. Check with your county register of deeds to see who actually holds the lien now. Then start the negoiatations at 10% of the balance and go from there. If the balance was $15,000 when RTR got it, they probably bought it for pennies on the dollar.

You dont need an attorney to settle. But you probably will need to contact them and make an offer. Don't give them any financial info at all. Keep the conversation or letter to a minimum and simply make the offer and wait for them to respond.

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
San Diego, California