I had a 2nd on my home thru GMAC for $150K. Home is way under water and the loan was sold to Wingspan. I asked them if they purchased the debt and they said yes. I am trying to negotiate a settlement with them ( I am going to offer $7500 to buy off the loan). Questions...I should expect a 1099...from whom? GMAC or Wingspan? When GMAC sold the bad debt to Wingspan, did the lien go with it?
I had an original offer from GMAC for $15K to pay off the loan and release the lien. Now I am just confused as to what happens(ed) to the lien and who I can negotiate with. Anyone been thru something like this?
I had an original offer from GMAC for $15K to pay off the loan and release the lien. Now I am just confused as to what happens(ed) to the lien and who I can negotiate with. Anyone been thru something like this?
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