Success in Settling 2nds-cont'd

antomax03

LoanSafe Member
Oct 18, 2016
12
0
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Pardon me, Chase . That “settling” 10 cents - like $9k from $92k balance may no longer work now. Banks check Zillow and voila - the current market value will show. Now, we need to be in offensive. .

1) As some of long contributors here, we need to question validity or accuracy of their demand. One approach is to ask for QWR per MT or OHM Requested 4 mos ago. Up to now no response.

2) KEEP and SAVE your money in liquid funds. . We’re in Pandemic. All foreclosures are suspended till Aug. or Sept. Read Bagels, & other forum and Learn. Watch out for next stimulus—. Heroes Act. 2020 Assistance for Homeowners. .

3). Be ready for your documents just in case you need it for class action lawsuit or just be ready. It will be tough ride but you’re NOT ALONE. This is what I think. Maybe those who went thru this w/ 2nd w/ RTR last year or so, can share? Thanks.
Yes. Banks are no longer accepting the 10 cents settling anymore. I have offered SLS 10% of the outstanding balance on my second delinquent loan and they have turned it down twice. They are demanding the equity available amount to settle.
Back in 2008 - 2014, the 10 cents on the dollar used to work. I had an offer from BOA in 2014 to settle the same delinquent loan for 5% of the balance owed to release the lien. Unfortunately I did not have any money back then to settle with them.
Now, I'm struggling to get SLS to accept a reasonable offer.

1st Mortgage is $293,000
2nd is originally $79,000, with all the fees and interest it is now $161,000.
House value according to Zillow: $385,000.
 
C

Chasegame two

Guest
Yes. Banks are no longer accepting the 10 cents settling anymore. I have offered SLS 10% of the outstanding balance on my second delinquent loan and they have turned it down twice. They are demanding the equity available amount to settle.
Back in 2008 - 2014, the 10 cents on the dollar used to work. I had an offer from BOA in 2014 to settle the same delinquent loan for 5% of the balance owed to release the lien. Unfortunately I did not have any money back then to settle with them.
Now, I'm struggling to get SLS to accept a reasonable offer.

1st Mortgage is $293,000
2nd is originally $79,000, with all the fees and interest it is now $161,000.
House value according to Zillow: $385,000.
Just remember that its not just the amount you offer to settle, but the way you offer it.

If you have regular and repeated communication with the lender, they sense you are eager to settle. This is not good under current economic conditions and they will play hardball.

Think about what would happen if you wanted to negotiate a lower price on a car purchase at the dealership. If you keep showing up at the dealership and making offers, what signal does that send?
 

antomax03

LoanSafe Member
Oct 18, 2016
12
0
1
31
Just remember that its not just the amount you offer to settle, but the way you offer it.

If you have regular and repeated communication with the lender, they sense you are eager to settle. This is not good under current economic conditions and they will play hardball.

Think about what would happen if you wanted to negotiate a lower price on a car purchase at the dealership. If you keep showing up at the dealership and making offers, what signal does that send?
True. I was very eager to settle with them and they have sensed that and played hardball with me.
I stopped all communication with them since.
 
C

Chasegame two

Guest
True. I was very eager to settle with them and they have sensed that and played hardball with me.
I stopped all communication with them since.
So maybe now wait 6 months or so and offer them less (in writing), stating conditions for you have worsened. Then close your file and put it away.

I recall getting to the point of frustration and remembering the suggestion to go silent. I went silent for I think about 3 years, and Chase ended up releasing in full.
 

antomax03

LoanSafe Member
Oct 18, 2016
12
0
1
31
So maybe now wait 6 months or so and offer them less (in writing), stating conditions for you have worsened. Then close your file and put it away.

I recall getting to the point of frustration and remembering the suggestion to go silent. I went silent for I think about 3 years, and Chase ended up releasing in full.
Thanks Chase. I will follow your advice.
 

cookiemom

LoanSafe Member
May 24, 2019
10
0
1
Yes. Banks are no longer accepting the 10 cents settling anymore. I have offered SLS 10% of the outstanding balance on my second delinquent loan and they have turned it down twice. They are demanding the equity available amount to settle.
Back in 2008 - 2014, the 10 cents on the dollar used to work. I had an offer from BOA in 2014 to settle the same delinquent loan for 5% of the balance owed to release the lien. Unfortunately I did not have any money back then to settle with them.
Now, I'm struggling to get SLS to accept a reasonable offer.

1st Mortgage is $293,000
2nd is originally $79,000, with all the fees and interest it is now $161,000.
House value according to Zillow: $385,000.
Have you filed BK7? I thought I read one this site they cannot charge interest and fees on the 2nd since you are "debt free" and they cannot charge accumulated interest on a lien.
 
A

anonymous9876

Guest
I thought I read one this site they cannot charge interest and fees on the 2nd since you are "debt free" and they cannot charge accumulated interest on a lien.
In the context of a Chapter 7, while the debt is subject to the Discharge, the lien is not. The lien is based upon the terms of the contract and, if that contract provides for interest, late fees, attorney's fees etc., those fees should be part of a payoff quote if and when one seeks to obtain the release of the lien say, upon sale or an attempt to refinance.
 

cookiemom

LoanSafe Member
May 24, 2019
10
0
1
In the context of a Chapter 7, while the debt is subject to the Discharge, the lien is not. The lien is based upon the terms of the contract and, if that contract provides for interest, late fees, attorney's fees etc., those fees should be part of a payoff quote if and when one seeks to obtain the release of the lien say, upon sale or an attempt to refinance.
Thanks, good to know. I will have to look at mine, as the letter they just sent me now references the original note and that value, not the total show on the monthly statement they send me monthly.