Pre-Judgement - When to negotiate?

[kingston53]

What is the name of your state (only U.S. law)? Arizona

I anticipate a judgment for a foreclosed recourse loan. This was purchased with 2 other parties and the deficiency will be around $120K. The land has already been sold a few months ago at auction but no summons or court action has been taken yet.

My questions are:
1) when is the best time to try and negotiate a settlement? Should I await the start of the summons, or try now?
2) What discount typically are these negotiated at? (big bank, not part of bailout)
3) The other 2 parties are insolvent and unlikely to pay. 1 is pending chapter 7 and the other has multiple judgments. I maybe the only one standing unless I file BK myself. I want to negotiate and settle but don't want to alert the bank to the fact that I have some funds available if they are stalling the judgment for a better future date. Any strategy advice is helpful.

thanks!

[debtor2008]

not sure in this case...

but keep in mind that if and when you receive a summons/complaint, you can bet your cookies that THEY ALREADY did a check on your assets and know extactly where and what money you have, if any.

i recieved a summons and complaint on a credit card debt. as soon as the process server left, i called the company and worked out a payment plan with them at a reduced amount. i wanted to avoid a court issued judgement and going to court....

so you can try and call them before hand or wait till you get served....

[Ayakata]

Originally Posted by debtor2008

not sure in this case...

but keep in mind that if and when you receive a summons/complaint, you can bet your cookies that THEY ALREADY did a check on your assets and know extactly where and what money you have, if any.

i recieved a summons and complaint on a credit card debt. as soon as the process server left, i called the company and worked out a payment plan with them at a reduced amount. i wanted to avoid a court issued judgement and going to court....

so you can try and call them before hand or wait till you get served....

Hello there sir, please can you advice me on my case please below:
I have an incorporated company of which I am the CEO of and a credit card was issued to the company on behalf of my name. The card has about $8k on it and I have not make any payment going to year now. The banks has called and sent several letters but all of which I ignored and now they have sold the debt to some kind of attorney company. The law company is now calling me but I am yet to talk them, they left me two messages now. Please, I am confuse as what to do now, should I call the original creditor, or call the law firm back but true to the matter is that I do not have the money. Please someone or anyone kindly advice me accordingly as how to best deal with this situation. What is my best bet as to get the money reduce or preventing them from taking me to court and get a judgment against me?
Thanks in Advance
P.S, due to the economy I really do not have this money but I am willing to make some kind of reduce arrangement plan but I want the best option availabe to me and how to go about getting that.

[Country Living]

As I told you in the other post - quit hijacking someone else's thread! Start your own.

[Ayakata]

Originally Posted by Country Living

As I told you in the other post - quit hijacking someone else's thread! Start your own.

Ok, sir I am sorry if this is annoying to you, I am just trying to get some advice regarding an important matter and as per your suggestion I had started my own. Nevertheless, your advice or suggestions to the matter at hand will be greatly appreciated.
Thanks

[Country Living]

Edit all the posts you put in someone else's thread, press the delete button, select "delete" and submit. Then I'll go in and delete my posts and we can let the original poster get back to his/her business.