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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33790
Experience:  15 years real estate, Realtor. Landlord 26 years
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We have a lien on our home by a creditor. my husband had a

Customer Question

We have a lien on our home by a creditor. my husband had a discover card and owes $8000 on it. We want to refinance but can't do it until we get the lien release. We do not have the
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: ny
JA: Has any paperwork been filed?
Customer: no we have not filed any paperwork
JA: Anything else you want the lawyer to know before I connect you?
Customer: We just want to negotiate a deal with discover. We do not have the 8000 to pay. do you think they will negotiate and lower the payment to less then 1000. Our mortgage broker said he had another client and discover allowed her to pay off everything for $800. Does it depend on how much income the person makes?
Submitted: 2 months ago.
Category: Real Estate Law
Expert:  Barrister replied 2 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Do you have any equity in your home?

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How old is the debt?

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Did they sue you and get a judgment for the $8K?

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thanks

Barrister

Customer: replied 2 months ago.
There is a judgment that was filed in court and mailed to us.
The account is from 2010
My husband lost his job at that time
We have very little equity in home.
We were trying to refinance to bundle our mortgage and home equity so our monthly payments would be lower and we could get a
Fixed rate
Expert:  Barrister replied 2 months ago.

Ok, then you can contact Discover's loss mitigation department and tell them that you would like to see if you can settle this debt to avoid filing bankruptcy to discharge this and some other debts. They know that if you filed BK, they get nothing, so that is good leverage for you to try to get them to negotiate down and accept a lesser amount.

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If the judgment is 6 years old and they haven't moved to try and collect on it otherwise, then they likely don't want to spend much pursuing this small of an amount so may be open to a thousand or two to settle it..

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thanks

Barrister

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