We filed Chapter 7 and was discharged 12/2008. Additionally, we did not reaffirm our mortgages 80/20. Our home is underwater and comps in the area put it at $98,000. We owe $108K on the first mortgage and $27K on the second. We stopped paying the 2nd mortgage as of 06/2011 so we are just at the 90 days late.
So, two days ago I typed up and mailed out a settlement offer at 5% to see what they would say to try to open up the communication lines. Well, they probably received their letter today, and I also got a letter from them, funny timing. The letter says on the cover sheet:
"under the terms of your secured mortgage, we are required to provide the enclosed notification. Therefore, we disclaim and assume no liability under the conditions and terms of 11USC 524 concerning the discharge of your debt."
The letter that follows is a standard letter saying that I need to bring the mortgage current or it may be handed over to an attorney and you will be liable for fees and such...blah blah blah.
So, my question to those of you who may have gone through this, should I wait for a letter response from the letter I sent to them or should I make contact over the phone and attempt to settle? I know it is better to handle things via mail so I have a paper trail, just wanted to hear people's thoughts.
So, two days ago I typed up and mailed out a settlement offer at 5% to see what they would say to try to open up the communication lines. Well, they probably received their letter today, and I also got a letter from them, funny timing. The letter says on the cover sheet:
"under the terms of your secured mortgage, we are required to provide the enclosed notification. Therefore, we disclaim and assume no liability under the conditions and terms of 11USC 524 concerning the discharge of your debt."
The letter that follows is a standard letter saying that I need to bring the mortgage current or it may be handed over to an attorney and you will be liable for fees and such...blah blah blah.
So, my question to those of you who may have gone through this, should I wait for a letter response from the letter I sent to them or should I make contact over the phone and attempt to settle? I know it is better to handle things via mail so I have a paper trail, just wanted to hear people's thoughts.
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