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After foreclosure pmi sold 2nd to collection agency

Posted on: 30th Mar, 2011 10:49 am
I'm in Georgia. My property was foreclosed and the 2nd loan was bought by the PMI. The PMI has sold the 2nd to a collection agency. Should I try to settle the debt, assuming the collection agency could sue me for the entire balance in the future? If so, what should I make sure they put on my credit report when the debt is settled?
Hi lexhollo!

Welcome to forums!

It is quite surprising to me that the PMI has sold off your account to a collection agency. Nevertheless, you should try to settle the debt with the collection agency in order to get rid of the debts. You can ask them to update your credit report as "paid for settled".

Feel free to ask if you've further queries.

Sussane
Posted on: 30th Mar, 2011 09:05 pm
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