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before collections


thechoosenone
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Long story short, i am 6 months behind on my mortgage, i am losing my job, i owe 20,000 to credit union. They closed my account and want me to pay $300 to bring the account current.

Will the credit union settle for less?

Can you direct me to a thread on what can i do before it does go to collections to protect myself because right now i cant afford $300?

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If loosing your job is a known issue or a very likely issue (meaning, not just something you are worried about) then your one and ONLY priority right now is to pile up as much money as you possibly can.

Based on your post, you will almost certainly loose your house to foreclosure so I see no benefit in pumping money into payments on your mortgage to try and save it. That goes double for any "debt" owed to anyone one...your focus should be paying what/who you have to pay to live and saving everything else so that you have something to tide you over while you work to get back on your feet.

There will be a time to pay/settle debts and get your credit history back into good standing but that time is later; not now.

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