Posted on: 08th Dec, 2009 02:09 pm
My 2nd mortgage was charged-off on Nov. 30th. I called Citi Recovery and agreed to start paying $3300 per month on a loan balance of $430,000. They offered a 50 % settlement when I sell another property that is currently on the market. If I try to negotiate more, how much flexibility is there? What is a good settlement percentage in this economy (30-40%) ? How much time might they give me before getting tough? I would like to extend my settlement time, since I don't believe the property for sale will be enough to close the account.
Hi mdmelen,
You've mentioned that your collection agency has offered you a 50% settlement. That is quite a good settlement in my opinion. If you wish you can negotiate further with them. However, you must understand that it's the discretion of the collection agency whether or not they would negotiate further. As far as the settlement time is concerned, you can contact your collection agency and negotiate with them. If you can justify your case, then they would definitely extend the time period.
You've mentioned that your collection agency has offered you a 50% settlement. That is quite a good settlement in my opinion. If you wish you can negotiate further with them. However, you must understand that it's the discretion of the collection agency whether or not they would negotiate further. As far as the settlement time is concerned, you can contact your collection agency and negotiate with them. If you can justify your case, then they would definitely extend the time period.