can i hire a lawyer to negotiate with my past mortgage company to allow me to pay back the amount they wrote off during the short sale process plus back interest in exchange for a paid in full on my credit? the loan was paid off 18 months ago.
Answer
Yes. I am unclear on the facts though. Just to confirm - there was a short sale. The bank would have had to approve the short sale but following the sale some amount of deficiency was owing which you would have had to repay to the bank if they requested it. Regardless my experience is that banks report a charge-off even if the borrower makes a second agreement to repay the deficiency.
In your case is the deficiency still outstanding? If not, then there will not be a paid in full until you repay each and every penny remaining, If you want to settle the deficiency for less than what is owed, your credit file will be marked as paid settled or something similar rather than paid in full.
If you are going to repay all of it, you can hire a lawyer but you do not need to do so if you and the lender can mutually agree, in writing, on repayment terms. I would recommend that you get a lawyer if you are trying to settle the deficiency.
How much deficiency is owed? Why was it not paid at the time of the short sale? Do you want to settle in a lump sum? Do you have the funds to pay in a lump sum now?
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