Real Time Resolutions 2nd Mortgage Settlement

Gaucho

LoanSafe Member
Jul 25, 2013
28
1
3
I've modified my 1st w/ BofA and I'm current (balance approx. $731k).

BofA sold my 2nd to RTR (balance approx. $685k).

My home is worth approx. $1,250,000.

How should I proceed with RTR? I spoke to them once and they are open to settling the debt. No figures discussed yet. They are asking for an offer from me to settle the debt + a hardship letter + where the pay off money would come from (bank statement) + the pay off amount on my 1st. We really want to keep our home. Thank you in advance for any/all suggestions!
 
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Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Settling debt is a lot like poker. You have know when to hold them and when to fold them.

Never make your best offer first but make something around 50 percent or so of what you are willing to settle. They will counter offer you or heck, they may just take it. But of they do counter, you can then offer 65 or 75% and go from there.

They are the debt collector and you are the debtor. Their job is to extract as much money as they can out of you and yours is to not let them sink their fangs too deep into your bank account.

You have to be somewhat of an actor like the good poker players are. Practice in your mind and the mirror before you call them.

I hope that helps and if not, here is Kenny Rogers with some good tips :bigsmile:

[video=youtube;Jj4nJ1YEAp4]http://www.youtube.com/watch?v=Jj4nJ1YEAp4[/video]
 
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Gaucho

LoanSafe Member
Jul 25, 2013
28
1
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Thanks Maurice. Based on the size of both my 1st and 2nd and the value of my home do you feel I'm in a position of strength or not so much? Should I provide them with the pay off on my 1st?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Southern California
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My pleasure!

Yes, I think you are in a fine position.

They probably bought your 2nd mortgage loan for only 20-30 cents on the dollar. That means you have this play room to work with them. If they ask for the payoff during negotiation, then sure, give it to them. No harm in that.

Good luck!
 

Gaucho

LoanSafe Member
Jul 25, 2013
28
1
3
My pleasure!

Yes, I think you are in a fine position.

They probably bought your 2nd mortgage loan for only 20-30 cents on the dollar. That means you have this play room to work with them. If they ask for the payoff during negotiation, then sure, give it to them. No harm in that.

Good luck!
So, I'm now in negotiations with RTR. I offered about 4% of what I owe and they came back with 30% and said they can't possibly submit anything less to their underwriters. I came back at 7% and they will "consider" submitting it. How serious are they?
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
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San Diego, California
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So, I'm now in negotiations with RTR. I offered about 4% of what I owe and they came back with 30% and said they can't possibly submit anything less to their underwriters. I came back at 7% and they will "consider" submitting it. How serious are they?
Remember to remain firm and never agree to an offer you cannot afford. Their job is to convince you to pay as much money out of pocket as you possibly can to settle the account, and they will do so at all costs.. You see how they quickly agreed to "consider" the new offer even though it was only 3% higher than your original, now what if they receive no offer and you silently play the quiet game? This is a large 2nd mortgage and they are well aware that it would cost them a substantial amount in fees to foreclose on your property.. As stated in the "Strategy Guide" here for settling 2nds, " do not behave as if you are rushed, eager, or worried at all. Instead behave in a very nonchalant manner, with a couldn’t care less attitude. Be prepared to walk away from the settlement talks at any time. Don’t worry, the debt’s not going away, and negotiations can be resumed later. Wait for the lender to initiate re-engagement in the negotiations."

http://www.loansafe.org/forum/debt-settlement/37996-strategy-settling-your-2nd-94.html
 

sadandconfused

LoanSafe Member
Mar 2, 2009
122
0
16
Gaucho,
What is your situation? Did you choose not to pay your 2nd or was it through bankrupctcy?
 

sadandconfused

LoanSafe Member
Mar 2, 2009
122
0
16
Just trying to compare. I filed chapter 7 and they wanted 25% and I stopped negotiating. I offered 5% and they didn't like that.
 

Gaucho

LoanSafe Member
Jul 25, 2013
28
1
3
So, the last time you spoke with RTR was when you offered 5 percent and they refused?
 

sadandconfused

LoanSafe Member
Mar 2, 2009
122
0
16
That is correct. I will send them a letter so they can contact me for settlement purposes only because they have a ceased and desist letter from me.
 

sadandconfused

LoanSafe Member
Mar 2, 2009
122
0
16
They sent me a letter and requested a hardship letter as well as financials. Tax returns, pay stubs , bank statements, current mortgage statements, etc. Any suggestions. I was just going to send them an offer that's it.
 

Gaucho

LoanSafe Member
Jul 25, 2013
28
1
3
sadandconfused

I recommend you simply follow The Strategy.
Hi Tom,
I started this thread. I've been in communication with RTR and have made them 2 offers. The first one at $42k was declined. My next offer of $50k is in review as of a week ago. They refuse to give me a realistic settlement number. Should I just wait to see how they respond to my $50k offer and go up in increments? Thx, Gaucho
 

American_Dream

RTR_Loans
Feb 2, 2014
14
0
1
Virginia
@ Gaucho - RTR offered us a 20 percent lump-sum or 36 percent in installments back in 2012. Now they want to settle for 10 percent. If no reason to rush, time is on your side...In our case, we are we offered them to settle for less than 10 percent.
I guess at the end they think a guaranteed/ agreed 1 dollar is better than a 2/3 dollars a year..2/3 years down the road which may not happen.
I highly recommend to follow the strategy @: Strategy for Settling Your 2[SUP]nd[/SUP] Loan.
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
Hi Gaucho

Thanks for your post.

I concur with American_Dream.

If it were me, I'd wait. RTR will eventually make a favorable settlement offer.
 

Gaucho

LoanSafe Member
Jul 25, 2013
28
1
3
Thank you AD and Tom. We are in a holding pattern now waiting for them to respond. I'll let you guys know what happens.
 

Gaucho

LoanSafe Member
Jul 25, 2013
28
1
3
Hi Gaucho

Thanks for your post.

I concur with American_Dream.

If it were me, I'd wait. RTR will eventually make a favorable settlement offer.
Hi Tom,
I am still trying to settle with RTR. I am asking for an 8% settlement. I have sent them a BPO (broker price opinion) of my home and now they want financials. Do you think I should continue to hold out on the financials?
 

Bashir Bah

LoanSafe Member
Jul 14, 2014
2
0
1
47
Question.
How do you locate the deeds of a HELOC ?
Can you request it from RTR to make sure it's in good standing prior to engaging to any settlement?
I have read stories of people that made payments to companies that did not hold the loan.
Also, will the bad loan be erased from your credit report after 7 years ? If so is it automatic or should you contact major credit score companies to have them remove it?
Thanks