Lender wants me to sign a collectable balance?
Posted by dun on May 20, 2008 at 21:17:42: I just went through 6 months of negotiating a Short Sale on a 2nd home in Fl. B of A holds the 1st and 2nd and I just received a letter that basically states they will "...charge off the remaining debit as a collectible balance and will report as such to the credit bureaus". Further they state someone will be in contact with me to make arrangements of this balance. I am asked to sign this agreement.
My question is, Should I have any reason NOT to sign this (and loose my short sale in the process), and what would this type of reporting do to my credit.
Anyone have any experience with this type of request?
Follow Ups:
- Re: Lender wants me to sign a collectable balance? (url) - Mary Supinger 02:56:54 06/14/08
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- Re: Lender wants me to sign a collectable balance? - Nick(Colorado) 10:24:59 05/21/08
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