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Home > Reader Questions > Should I Accept a Chase Settlement Offer on My Mortgage by Email? – Leo

Should I Accept a Chase Settlement Offer on My Mortgage by Email? – Leo

I HAVE 2ND MORTGAGE WITH CHASE FOR 200,000 AND I’VE REACHED A VERBAL AGREEMENT OF 33,000 WITH A CHASE NEGOCIATOR.

HE HAS TOLD ME THAT MY LOAN HAS BEEN CHARGED OFF BACK IN OCTOBER 2009.

THIS AGREEMENT WAS DONE OVER THE PHONE ON NOVEMBER 10, HE SAID TO ME HE WAS GOING TO CALL ME BY NOV.15,BUT NEVER CALL.

HE WILL ONLY SEND ME SETTLEMENT AGREEMENT LETTER VIA EMAIL,NOT REGULAR OR EXPRESS MAIL AND WIRE-TRANSFER MONEY.

DOES THIS SOUNDS RIGHT AND LEGAL TO YOU?

CAN YOU PLEASE GIVE ME AN ADVISE?

LEO

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Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Robertplattbell

    I would be careful that you are not dealing with a con artist here. I would think that Chase would send something in writing, not by phone or e-mail. How did they contact you? Did you get a blind call or e-mail, or did you contact them?

    You need WRITTEN assurance before you send off money that this will absolve you of the debt.

    Call Chase using the number on your loan payment forms and make sure you are dealing with a legitimate person and not some Nigerian con artist.

    Once you wire them money, it is gone forever and you can never reclaim it.

    It seems very suspicious that they would write off $200,000 in bad debt for a mere $33,000.

    It sounds a lot like a Nigerian Scam to me.

    You had $200,000 as a SECOND mortgage? OUCH! That is a heck of a lot of debt!

  • Robertplattbell

    I would be careful that you are not dealing with a con artist here. I would think that Chase would send something in writing, not by phone or e-mail. How did they contact you? Did you get a blind call or e-mail, or did you contact them?

    You need WRITTEN assurance before you send off money that this will absolve you of the debt.

    Call Chase using the number on your loan payment forms and make sure you are dealing with a legitimate person and not some Nigerian con artist.

    Once you wire them money, it is gone forever and you can never reclaim it.

    It seems very suspicious that they would write off $200,000 in bad debt for a mere $33,000.

    It sounds a lot like a Nigerian Scam to me.

    You had $200,000 as a SECOND mortgage? OUCH! That is a heck of a lot of debt!

  • Lewis Roberts

    They are releasing their $200,000 mortgage for a lump sum $33,000? Make sure it is in writing and make sure the mortgage lien will be satisfied in the public records where you live.

  • Lewis Roberts

    They are releasing their $200,000 mortgage for a lump sum $33,000? Make sure it is in writing and make sure the mortgage lien will be satisfied in the public records where you live.

  • Robert Lehrer

    Yes, this sounds legit. I’ve received settlement agreement letters both by email and fax. Just make sure that you receive the settlement agreement terms prior to making your payment. Make sure that the terms of the agreement that you receive match your understanding of the agreement by reading it carefully. When you say “wire-transfer”, do you mean literally a wire transfer or do you mean an electronic payment from your checking account? If the latter, this is very common. If Chase wants your bank routing number, this is normal.

  • Robert Lehrer

    Yes, this sounds legit. I’ve received settlement agreement letters both by email and fax. Just make sure that you receive the settlement agreement terms prior to making your payment. Make sure that the terms of the agreement that you receive match your understanding of the agreement by reading it carefully. When you say “wire-transfer”, do you mean literally a wire transfer or do you mean an electronic payment from your checking account? If the latter, this is very common. If Chase wants your bank routing number, this is normal.

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