Ok here's my story. Back a few years ago I was doing quite well being involved in real estate. I took out a loan from CIT in 2008 just as things
were turning south with Real Estate and the economy. I had to pledge a few things and foolishly included my primary residence. Very foolish.
Fast forward to 2010 and things really hit the fan. I had to file for BK, BUT unfortunately due to paper work and some ineptness on my attorneys
part (that's another story) I never got the discharge. Since then my wife and I have been weathering the storm and climbing back on our feet.
Much of the debts have and are slowly vanishing and our credit slowly but surely improving. NOW out of the blue comes CIT (now known as
"Ready Cap Lending LLC". wanting their full 200K!! Course I had made payments in the past when I first got the loan so it should be reduced,
but that's what I got. This happened in Feb. of this year. I had to send my financials, letter of hardship, and a Offer in Compromise. I sent
everything to include the OIC offering what I could. Did not hear a word till just this week! Stating I can pay well over 10 x what I offered!
There is now way I could ever dream of being to pay that amount and it"s well over my mortgage payment. As both my attorney and I said,
did they even review my financials.
So my attorney spoke to them today and they have reduced it $500 which ok is a plus, but still well over what I can afford. Plus if I pay $200K
it will take me 20 years or so and I'm not getting any younger. Then my wife calls me and says a letter came in from this Ready Cap,
formerly CIT stating in a sort of form letter they regret to tell me they can not accept my OIC due to the fact I had a previous foreclosure and my
financials state I can't even afford to pay what I offered!! My attorney is speaking with someone from the "Treasury Offset Division" with the
SBA. This person is naming outlandish numbers and the letter I get says you can't afford to pay, yet nothing says it's closed or anything.
Anyone have any thoughts on this? Thanks.
were turning south with Real Estate and the economy. I had to pledge a few things and foolishly included my primary residence. Very foolish.
Fast forward to 2010 and things really hit the fan. I had to file for BK, BUT unfortunately due to paper work and some ineptness on my attorneys
part (that's another story) I never got the discharge. Since then my wife and I have been weathering the storm and climbing back on our feet.
Much of the debts have and are slowly vanishing and our credit slowly but surely improving. NOW out of the blue comes CIT (now known as
"Ready Cap Lending LLC". wanting their full 200K!! Course I had made payments in the past when I first got the loan so it should be reduced,
but that's what I got. This happened in Feb. of this year. I had to send my financials, letter of hardship, and a Offer in Compromise. I sent
everything to include the OIC offering what I could. Did not hear a word till just this week! Stating I can pay well over 10 x what I offered!
There is now way I could ever dream of being to pay that amount and it"s well over my mortgage payment. As both my attorney and I said,
did they even review my financials.
So my attorney spoke to them today and they have reduced it $500 which ok is a plus, but still well over what I can afford. Plus if I pay $200K
it will take me 20 years or so and I'm not getting any younger. Then my wife calls me and says a letter came in from this Ready Cap,
formerly CIT stating in a sort of form letter they regret to tell me they can not accept my OIC due to the fact I had a previous foreclosure and my
financials state I can't even afford to pay what I offered!! My attorney is speaking with someone from the "Treasury Offset Division" with the
SBA. This person is naming outlandish numbers and the letter I get says you can't afford to pay, yet nothing says it's closed or anything.
Anyone have any thoughts on this? Thanks.