Will Capitol One accept a settlement offer payable in 4 years when I will get money from a mortgage note?

Question

I'm being sued and am wondering if they will hold off until I get money from a mortgage note payable in 2011. My ex-husband owes me half equity in our house but I agreed to let him stay in the home and not pay up until 2011.

Answer 1

You can try asking them. You could offer to take out a loan to cover the debt and then pay off in 4. The willprobably say no, at first. If that is the only they they will get the money they might go for it.

Answer 2

Not likely! A settlement offer implies that you will settle the debt in full in a short period of time -- normally 6 months or less.

They may be willing to reduce your interest rate and put you on a payment plan but since you've already let it slide to the point that they've filed suit I wouldn't hold my breath on that.

Your best bet would be to contact an attorney and see if they can negotiate somethig on your behalf.

Answer 3

Maybe 6 months or even a year.....I highly doubt they will wait 4 years.

If your seriously going to offer it then be prepared to offer some kind of regular good faith payments over the next 4 years.

Answer 4

I hate Capitol One. They are lawsuit happy. Offer it. They can always say no, but if may hold them off until you can make other arrangements. Offer then 5 bucks a month if they dont go for it. You can only do what you can do.

Answer 5

I doubt it strongly. but you could sell your note to an investor and cash out now for something close to the present value of the future right to payment.

You can contact me about this - see my website at:

http://www.lakelaw.com for details.

Answer 6

Um no. If they are suing they want their money NOW.