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Tina
Tina, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 32158
Experience:  16 years legal experience including consumer protection law.
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In Florida, my first mortgage was in foreclosure, but I was

Customer Question

In Florida, my first mortgage was in foreclosure, but I was able to negotiate a loan mod. The 2nd mortgage with Compass Bank went into default and now is up for a judgment lawsuit. The attorney for Compass has agreed to take 30k on the 75k note, but I have offered 20k. The attorney says that the bank wants a Financial Statement from me w/documentation to consider less than the 30k.
Does that sound like a viable request?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Tina replied 1 year ago.

Hello and welcome.

My name is XXXXX XXXXX my goal is to provide you with excellent service today. I am working on your answer now and will post it here shortly. Thank you for your patience while I prepare your answer.

Expert:  Tina replied 1 year ago.
Hello again, John.

Yes that is typically a reasonable request when in negotiations with a lender. What they will normally do with your financial information is to determine whether their efforts to collect on the debt might be successful. If you have significant assets from which the lender could pursue a judgment against you and attach/seize the assets to satisfy the judgment, then they are more likely to refuse your counter-offer and sue you instead. So if you have significant assets to pay the $30k offer, the lender is likely to refuse your counter-offer after they have reviewed your financial information.

I hope this helps clarify the situation for you. Please remember to rate my service once you have all the information you need so I will be compensated for my time from the deposit you posted with this website. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Tina

Tina, Lawyer
Satisfied Customers: 32158
Experience: 16 years legal experience including consumer protection law.
Tina and 2 other Consumer Protection Law Specialists are ready to help you
Expert:  Tina replied 1 year ago.

Thank you very much for your positive rating of my service. It has been my pleasure to assist you and I hope you will ask for me should a future legal need arise.

If you receive a Customer Satisfaction Survey from JustAnswer, please consider scoring me a 9 or 10. It benefits my ability to assist you and other customers, and would be tremendously appreciated.

Thanks again and all the best to you.

Tina

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