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.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.
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.