Author Topic: Negotiating with Zwicker on judgment  (Read 3626 times)

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CleaningUp

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Re: Negotiating with Zwicker on judgment
« Reply #105 on: June 19, 2017 11:31:45 PM »
He who budges first in a negotiation frequently has to put more money on the table than is necessary.

In this situation, not budging might not be an option...I would be keeping in mind that cash-in-hand is a far better negotiating lever than cash-in-the-future.

Going back to what has been pointed out before...If you have enough for a down-payment and are deemed able to afford the mortgage payments, you can afford to pay off the judgement.  Banks are not stupid.

Might not paying off the judgment now and postponing the purchase of a house or condo be a more practical solution?  Unless you are in a time crunch that requires you to find new housing immediately, I would be seriously considering that option if I was not going to, or be allowed to, pursue what we have suggested elsewhere.

The decision is yours to make, but be careful not to shoot yourself in the foot over this.

biffster7199

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Re: Negotiating with Zwicker on judgment
« Reply #106 on: June 20, 2017 04:51:06 AM »
Well here's some GOOD NEWS for the OP with regards to getting (approved for) a mortgage effectve July 2017 - still gonna have to pay that judgement off before or at closing AND document funds to pay off judgement, but at least you can now apply for a mortgage and having a "judgement" won't "kick out" your mortgage loan application from the automated underwrinting computer program(which pulls a tri-merged infile  credit report while "underwriting" the loan) that most lenders use for "conforming" loans (i.e. not FHA or a JUMBO loan). Generally ,if you "qualify" through the "automated" loan underwriting program it's much easier to be approved versus having your loan application "manually" underwritten. ;) ;).

 

Frugalfannie

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Re: Negotiating with Zwicker on judgment
« Reply #107 on: June 28, 2017 12:36:51 PM »
Final Comment:  It appears  to me that the OP registered and posted here on Debtorboards within the last two weeks looking for a "magic" solution to  a problem of their own making. Not GRABBING the opportunity(alledgedly offered) to "settle" for  about a 1/3 of their debt (yup that's right they no longer have a debt of approx 8K it's now approx 14-15K AND GROWING)  says to me that an "acceptable" settlement for the OP is  to pay NOTHING - if nothing else  IMO they're guilty of being GREEDY.

Wow, any reason to be so judgmental and hostile? Whose side are you on here anyway? I posted in this forum looking for advice from others with personal experience and expertise on the best way to settle this debt for the lowest amount possible. If you had any idea if what kind of person I am, and especially how I got saddled with this debt to begin with, you'd feel like a pretty big jerk right now, let me tell you.
First of all, I didn't apply for mortgages with "several" lenders, but actually only allowed one to pull credit, when I knew I was going to be able to make this happen.  As a matter of gact, i have a few brain cells rolling around up there, and SPOKE to as many different lenders as I could, gathering all the info/opinions/facts etc that I could, explaining the judgment situation, and stopping short of actually allowing them to run my credit. I had a very modest savings, which took the last 5 years to accumulate, which could either go towards part of the downpayment or part of the judgment,  but not nearly enough for both. As I stated earlier, I would have loved to have been paying on a payment arrangement, but Zwicker would never agree to reducing the total amount owed, unless a lump sum was paid. Plus, the amount they wanted per month was way higher than I could ever have been able to afford.

I didn't just sit idly for 5 years, counting my bags of money, and plotting ways to Discover out of money they were owed. I had no reasonable way to pay it back until I had something saved, and had a better paying job.

So if you're interested, I ended up accepting the settlement offer of 70% of the original charge-off amount, which actually ended up being $5250. The only way I was able to pay that at once was due to waiting until I had saved, and due to the unique situation I'm in, being able to purchase the home I've been renting for over 6 years, and getting "credit" for the downpayment from rent paid. I paid it off last week,and should be receiving a letter of satisfaction of debt by next.

I did receive some extremely helpful tips and insights here, and I am extremely thankful for that. I would not have had the confidence to handle the situation without Worrying that I was uninformed about something, or could have negotiated something better. 

Bubbles

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Re: Negotiating with Zwicker on judgment
« Reply #108 on: June 28, 2017 05:08:56 PM »
+1


Final Comment:  It appears  to me that the OP registered and posted here on Debtorboards within the last two weeks looking for a "magic" solution to  a problem of their own making. Not GRABBING the opportunity(alledgedly offered) to "settle" for  about a 1/3 of their debt (yup that's right they no longer have a debt of approx 8K it's now approx 14-15K AND GROWING)  says to me that an "acceptable" settlement for the OP is  to pay NOTHING - if nothing else  IMO they're guilty of being GREEDY.

Wow, any reason to be so judgmental and hostile? Whose side are you on here anyway? I posted in this forum looking for advice from others with personal experience and expertise on the best way to settle this debt for the lowest amount possible. If you had any idea if what kind of person I am, and especially how I got saddled with this debt to begin with, you'd feel like a pretty big jerk right now, let me tell you.
First of all, I didn't apply for mortgages with "several" lenders, but actually only allowed one to pull credit, when I knew I was going to be able to make this happen.  As a matter of gact, i have a few brain cells rolling around up there, and SPOKE to as many different lenders as I could, gathering all the info/opinions/facts etc that I could, explaining the judgment situation, and stopping short of actually allowing them to run my credit. I had a very modest savings, which took the last 5 years to accumulate, which could either go towards part of the downpayment or part of the judgment,  but not nearly enough for both. As I stated earlier, I would have loved to have been paying on a payment arrangement, but Zwicker would never agree to reducing the total amount owed, unless a lump sum was paid. Plus, the amount they wanted per month was way higher than I could ever have been able to afford.

I didn't just sit idly for 5 years, counting my bags of money, and plotting ways to <Removed> Discover out of money they were owed. I had no reasonable way to pay it back until I had something saved, and had a better paying job.

So if you're interested, I ended up accepting the settlement offer of 70% of the original charge-off amount, which actually ended up being $5250. The only way I was able to pay that at once was due to waiting until I had saved, and due to the unique situation I'm in, being able to purchase the home I've been renting for over 6 years, and getting "credit" for the downpayment from rent paid. I paid it off last week,and should be receiving a letter of satisfaction of debt by next.

I did receive some extremely helpful tips and insights here, and I am extremely thankful for that. I would not have had the confidence to handle the situation without Worrying that I was uninformed about something, or could have negotiated something better.

biffster7199

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Re: Negotiating with Zwicker on judgment
« Reply #109 on: June 28, 2017 06:39:32 PM »
Well at least you have "Bubbles" in your corner.  One day you might look back and see that a "bite of the reality sandwich"  (via my comments) may have helped you in a small way,to achieve your goal - which, from your original post,  was to buy a house in part, by "dealing with" an outstanding judgement.  FYI lease with option to buy is not  "unique"; it's done enough that there is a whole section on it in the Fannie/Freddie Servicer guides and I assure you, in twenty years as a loan orignator, I've encountered quite a few truly "sucky" situations that my customers have had to deal with through no fault of their own so your situation is not "unique" there as well. Here's a fact:  HOPEFULLY you settled a fully ligitated debt FIVE YEARS AFTER the legal process ended for about 40 cents on the dollar that will now let you buy a house. Congrats! 

Now, moving forward, in your quest to buy a home( and probably get a great deal in the process) you can do one of two things: A) you can work with people who tell you what you want to hear and seemingly help via their supportative comments which may or may not "work" in the end  OR you can seek out individuals who are competent , honest and, IMOmost importantly, are forthright in their answers to your problem(s). The choice is yours. I could go on with some friendly EXPERIENCED advise on "pitfalls" to avoid as you move through the home buying process, but I doubt you would want to hear it from me.

P.S. IF you read the attachment I posted in my previous comment and fully understand it and its ramifications, you'll probably know more than 90%+ of loan originators out there to your own benefit. Good Luck with your home purchase and Congrats again on what I THINK was a very good ending to your judgement "issue".

Bruno the JDB Killer

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Re: Negotiating with Zwicker on judgment
« Reply #110 on: June 29, 2017 11:35:54 AM »
If you're happy with the outcome, nobody will criticize you. All out legal battles aren't for everybody, and sometimes you win the battle but lose the war.
I am not an attorney. Any information I post is strictly my opinion and should be treated as such.