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Tina, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 33167
Experience:  17 years legal experience including consumer protection law.
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In Florida, my first mortgage was in foreclosure, but I was

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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?

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.

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.

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