Compare Mortgage Quotes

annie_freeman13 · Joined: 06 Oct 2009 Posts: 2 1.48 Dollars($)

WAMU/Chase was working on a loan modification on my 2nd for 4 months. I lost my job, therefore I was falling behind. A rep from WAMU called me 2 months into the modification and said they we're missing documents. I resent the documents they we're looking for the next day. I just recieved a letter demanding payment in full. Checked my credit report today, they charged it off. They are willing to settle for $28k, half of what I owe. Any suggestions on loans of places to look for a loan to pay this.

jenkin7 · Posted: Tue Oct 06, 2009 10:53 pm Post subject:

Hi Annie,

Your original lender has charged off the debt. It looks like they have sold off the debt to another mortgage company or a collection agency. It is good that they have agreed to accept a short payoff on the loan, almost half of what you owe. But if you are looking to get a loan to pay this off, I doubt whether you can qualify for one in this given situation. Instead, you should look to negotiate with them further and see if you can bring down the settlement amount to something around $20-25k. You do not need to pay it off in full. You can request them to set up a payment plan and pay off the debt gradually.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

2nd Mortgage Charge Off