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Category: Legal
Satisfied Customers: 17223
Experience:  14 years experience in representing clients, current member of legalshield, legal club of america, NYSUT and UFT attorney
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Hi, I have a question about my mortgage debt. I have a debt

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Hi, I have a question about my mortgage debt. I have a debt of $80 k and the collection agency that acts on behalf of the Bank is offering to settle the debt for $8k. I would like to do that but is there a way I could postpone paying out that $8k? And if so, how long is it possible to postpone for?


Hello and welcome. My name isXXXXX am a Licensed practicing attorney and my goal is to provide you with excellent service today.


Many time such an offer is contingent on you paying the entire up front in full,


however, what you should consider is asking them for a payment plan, of $1000 per month,


or two payments of $4000 each,


they may accept it if you pay the $4000 now,


If they do not accept it, they may still leave the offer on the table, especially if you do not own the home anymore,

Customer: replied 3 years ago.

What kind of attorney would I hire to assist with this matter? don't have the money to pay even $1000 monthly, I don't own that house anymore but I would like to keep that offer and eventually pay it out when I get the money. The collection agency is saying they cant lock the offer. SO I was worndering if I am able to provide some legal agreement to them as the way to guarantee I will pay this amount out.



You can hire any attorney to negotiate the matter, however you could do it yourself, the only way they would be secure is if you agree to a judgment for the amount, or some type of wage withdrawal, where they take money from your paycheck.
If you own any property now you can advise them you will provide it as collateral, or allow them to lien the property for the amount.
Customer: replied 3 years ago.

What kind of attorney would I hire? I tried two that my friends recommended but they were not willing to help. I am just trying to understand what kind of attorney is dealing with cases like this?



A bankruptcy attorney or debt settlement attorney can handle these matters.
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