Posted on: 19th Oct, 2010 10:50 pm
I was just informed my secondary mortgage loan has been charged off with Chase bank. The total of the loan is $50,000. The Chase collector told me he would take $25,000 as settlement and release the lien. Are there any further issues involved after pursuing a settlement I may encounter in the future? Since I cannot afford the 50% they want, the collector has asked me to make an offer. Any suggestions how little I could offer that it might entice them to take? I know if they sell the loan to another collector they will get a lot less than dealing directly through me. Any ideas what an acceptable offer would be?
Hi Guest,
The collection agency is already settling for half of the amount. If you can afford to pay it, then you should sign an agreement with them and pay off the dues. Once it is paid off, you should ask them to give you a release certificate which will prove that you've paid off the dues and they won't be able to come after you once again.
Take care.
The collection agency is already settling for half of the amount. If you can afford to pay it, then you should sign an agreement with them and pay off the dues. Once it is paid off, you should ask them to give you a release certificate which will prove that you've paid off the dues and they won't be able to come after you once again.
Take care.
They have been known to accept 10% many times, but be sure to ask for full release of total payment. Offer 10% of what you owe in cash now. Would have been best if you offered it to Chase Bank before they did that, they normally accept10% , but try also with the collection agency. Go for less, you can always go up. be firm when u ask, say that is what you can afford now in cash collected from friends and relatives if they settle. If they come back with lot more tell them you don't know and say you might call them back.