Hi everyone! It's been a few months since my last post here. A few months ago I was trying to settle a second mortgage with PNC Bank. They wanted me to sign documents I was not comfortable signing and haven't heard a thing from them since. I only want to settle to release the lien on my house. What do you think their next move might be? Anyone?
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08-2009:Quit Paying Credit Cards
04-2010:Hired 2nd Attorney;05-2010:Filed 7
06-2010:341 Meeting (went very well)
08-24-2010: Discharged; 09-02-2010 Closed!! -
It appears their next move was to ignore you. Doesn't seem like they are interested in settling with you unless you are comfortable with their documents.Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick -
Ann,
They have a few choices here: 1. sit tight and wait, hoping the value increases so they can foreclose, 2. foreclose anyway, paying off the 1st still resulting in a loss, 3. wait until what you owe to your 1st goes down, creating equity and then foreclose, or 4. wait until you sell and collect then.
The issue is that while you have offered to settle, they dont have to accept it - and to them a 7% settlement offer (roughly $5K) on a $70K 2nd is nothing in the bigger scheme of things. Time may change their way of thinking as the years roll on, which may result in them settling however nothing is guaranteed.Comment
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