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Happy ending story with Faslo and Indymac - 2nd Lien

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I had a property with two mortgages on it. It went into foreclosure.

First lien holder was the bank who took the house back. The second lien belonged to Indymac Bank, who was taken over by the FDIC, since it folded.

I was told that the new owner of the 2nd lien was Faslo Solutions, a debt collector. I was panicking since I figured they would be total jerks. Not so.

Dealing with Faslo was very easy. Here is the bottom line:

Since the FDIC is the new owner of the note and they aren't going to twist your arm, they will take almost whatever offer you give them. Seriously.

I owed 90k and they settled with me for about 5k... I offered them 5k and they took it. They probably would have taken only 2k had I offered lower.

The bottom line is find out if the FDIC owns your debt. Ask Faslo.

If so, they will be very willing to let you off the hook very easily.

Best of luck!

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Hopefully they gave you a release of debt in writing from FALSO? The lien that was on the property for the second no longer exists (it was extinguished when the first mortgage foreclosed on the house). Also, did you get anything in writing that FALSO would not sell off the remaining debt?

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....owed 90k and they settled with me for about 5k...

Sound like a good deal.....until.......

You may get a 1099 for the cancellation of debt to apply as income towards your taxes.....

http://www.irs.gov/individuals/article/0,,id=179414,00.html

See if this applies to you....

The Mortgage Forgiveness Debt Relief Act of 2007

:)

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