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we have a first and a second on our house I got a call from a person says they are an agent of the company that holds our second. we owe $47,000.00 on our second for a payoff, Per the agent the company is going under and they are willing to accept just under $12,000.00 and forgive the rest of what we owe. They are suppose to be sending me this in writing. Is this even legal to do? If we do not take the offer they said after the first of the year our account will be sold off to someone else. It’s a great deal for us if it’s legal. When we get the paperwork we will want an attorney to look at it to make sure its legit.
Is it legal for a creditor to offer to take less than the principle amount as an incentive to encourage early payment? Yes.
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