My mother in-law died and we were left her house worth $350.000. She has 2 secured loans on the home , one for 24000, and another for 17,000. The one for 24000 wanted to settle with us for 15000, we don't have that kind of money until house is sold, so we said no. Now they want to settle for $7500. We do have that much money to settle. They said they will release the lien. Should we do this ? and what are the conaquenses of doing so. Why does everyone say u cant settle on secured loan.
secured loan payoff to collection agency?
- Thread starter Joanne
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