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2nd Loan Debt

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rb_1427@yahoo.com Guest	Posted: Wed Feb 17, 2010 9:35 pm    Post subject: 2nd Loan Debt Like 0 Dislike 0 Hi, I am currently on a bind on what actions to take. I was on a 80/20 program which my property was foreclosed back in July 2008 after short sale process did not go through. I purchased the home for 424k and i believed it was sold to an investor for 299k by the 1st lender. GMAC (2nd lender) did not get anything from the sale of the property and has an outstanding debt of 83k. They recently transferred the account to Specialized Loan Servicing SLS and stated that the outstanding loan was not "forgiven" and I still owed that much. They mention if I want to settle but I'm not sure if that is the best way to put a closure on this. They want me to make an offer and if they agreed, it will need to be paid off in 3 payments. My question is how much is the average offer percentage wise to an outstanding 2nd loan from a foreclose property (5, 10, 15%)? And if it's too much, should I consider chapter 7? I could not afford to pay anything over 5k to settle. Thank you. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Feb 18, 2010 10:46 pm    Post subject: Like 0 Dislike 0 Hi rb, I would suggest you to offer an amount and check out if they agree to it. If they get agreed to it, then you would be able to pay off the dues quickly. You should give an offer which you will be able to afford. This is an better option rather than filing bankruptcy. Thanks

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