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Hi there… I got divorced in 2002, ex stayed in home with new girlfriend was going to keep it but he did not. As I could not afford it, the lender repoed the property as it was a mobile home. Now, I have received a letter from ARA stating that they have taken over my lender's obligations regarding this debt and interest and fees for around $69,000. They also said that if I paid like $1700.00 they would consider this debt as paid off in full. If I did not settle, they have threatened me to take me to the court. Really do not know what to do or if this is even legal? None of this shows on my credit report as I have monitored it for the last 5 years and I have worked really hard to have good credit. Also I do not have a judgment against me on this either and never have. What should I do?

gmakerley · Posted: Wed Feb 08, 2012 1:19 pm Post subject:

Varry, it would make sense for you to seek legal advice. A settlement of $1700 seems pretty sparse for a debt of $69000. Since the home was repossessed, perhaps they had the opportunity to sell it and satisfy some of that original debt. In that case, you might be able to get out of it for that paltry sum of money.

You need more facts - press ARA for those facts and ask them to document everything that has transpired in this situation. They may resist, which is a good reason for having legal counsel on your side.

smithsussane · Posted: Wed Feb 08, 2012 9:39 pm Post subject:

Hi Varry!

Welcome to forums!

You have mentioned that the mobile home was repoed by the original lender. I would like you to find out whether or not he sold off the property after repossessing it. If he has repoed the property and got the required money, then ARA cannot come after you for the same debt again. As George has said, taking legal help in this regard will be your best option.

Feel free to ask if you've further queries.

Sussane

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