Mortage Company Settlement Offer - Mothering Forums

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#1 of 3 Old 02-23-2011, 05:47 PM - Thread Starter
 
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Our Mort Co wants to settle our 2nd mort for 10% of what we owe. We recently fell behinfd on payments and they modified the loan with us. Since then we have kept current on our payments. Our first mort is also through the same company. Anyone have any experience with this?

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#2 of 3 Old 02-24-2011, 08:49 AM
 
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I wonder how it would be reported on your credit report?  But I think anything would be better than defaulting completely...  You likely will get a 1099 for the income to report on your 2011 tax return.


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#3 of 3 Old 02-24-2011, 09:21 PM - Thread Starter
 
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It would probably be a negative mark on our credit report. I rechecked the offer letter and it expired two days ago. They didn't give us much time. I wonder if we will receive another letter or if I should call. I hate calling them because they are absolutely clueless.

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