Repo:paying 2K instead of 26K : LUSENET : Repossession : One Thread

My mobile home was repossessed ayear and a half ago. I have an agency offering to let me pay 2000 instead of 26K. Is it possible to do this and have a 0 balance on my credit? Also, will I get a letter from the IRS saying that I made income of 26K because of the house? They said the next step is to go through lawywer to obtain there money and it would be 26K.

-- Melissa Ann Bell (, May 17, 2002



Providing you get it in writing that they will take 2K as 'Full & Final Settlement' I don't see a problem.


-- Julie (, May 19, 2002.

Melissa -it doesn't work like that in the States (sorry Julie!). Find a site that deals with US repo's and repost your question.

-- Too scared to say (, May 19, 2002.

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