kingston53
Junior Member
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!
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!