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Negotiated settlement on my foreclosed house with Collection Agency. If I pay this settlement ($2,000 or 1%) they say they'll write letter to all 3 reporting agencies stating my debt is paid in full. Is this worth doing, do they have the authority to do this and will it help my credit scores? If this process is worth going thru how long will it take to affect my scores and what precautions shouild I take?
I'm also concerned that this letter to the credit bureaus needs to be from the mortgage company.
Thanks for your help. I have until 1/31/11 to pay this settlement.
2k to settle a foreclosed house? 1% ? that sounds like a scam.
yes they can do a settlement but it has to be true. I think they have to agree to delete the account or say it was settled. Paying in full would be inaccurate. that is another hinky sign. Make some calls and check these people out. Call your state attorney general. there are a lot of mortgage scammers out there.
you need to get DV from them and a statement that they own the debt. I would call the ag immediately.