second mortgage settlement
second mortgage settlement
I had a first and second with BofA. Fell behind, after about 8 months of working with them they modified my first, and said the second will modify automatically. didnt hear back from them for months, I would call and they said it was "pending" about 8 months went by and still nothing. now I'm getting calls from Rebublic Equity Credit Services ( an agent for Old Republic Insurance Company ) who claims to be the holder of the deed in trust by virtue of an assignment from Bank of America.
Their representitive wwould like to settle my balance on my second for a much lower lump sum payment. I owe about 90K on my second, and they are asking for 23K. Also he claims they do not repot tothe credit bureaus, and that they will mark my note " settled in full" Also, he sent me a letter stating they will not issue a 1099C for cancellation of debt. also, once I pay the 23K, he will send me the deed in trust on my second.
THis is over my head, and I appreciate anything I can learn from this board. What is the risk of settling my second with this company? will BofA still try to come after me for the balance of the second? If Republic Equity credit services is not reporting to the credit agencies, who is? will I be totally free and clear from my second mortgage? thanks for all your help
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