Guys I may have just been duped by Citi Mortgage, I sent in the 15K as the letter states, now I'm getting calls from collections asking where is our 125K? Now that I'm readin this letter it states they are accepting a short payoff of 15K OR the net proceeds from settlement, whichever is greater. WHat the hell does "net proceeds from settlement" mean? Could I have been swindled here? The letter also goes on to say the money I send in is theirs to keep. If they try to say they never agreed on 15K I guess they can right?
woohoo!! Its final!!! I got the release of mortgage in the mail today from the state!! Done and over with.
MNWIND. I don’t know what the BPO came in at, I wasn’t too underwater. I bought my home for I owed 440K, it went up to 700K - 720K att he peak, now its probably worth 1/2 of that. I owe 309K now, so I have some equity.