Hi All,
I have a question about settling accounts with Non Bank Entities (a term I have taken from mabs), our mortgage was in arrears for 9 years before being sold by EBS to Everday Finance (now Link Financial) the total amount on the loan(s) is 330k with arrears of 90k, we have been servicing the original mortgage amount of (1900) in full for approximately 3 years. We are paying 4.5% interest on the loans.
I have a good credit history, the mortgage isnt in my name but rather against my wife as she had the home and fell into arrears prior to us meeting. I have been approved for a Mortgage of 350k with Avant Money (@ 2.1%) and the house is worth approx 450k in the current climate.
Looking up Link Financial they have on their website "If you find yourself in a position where you have sufficient funds to propose a realistic final settlement figure (in the form of a lump sum), please let us know."
What my question is, do people know what a realistic final settlement figure is in the eyes of these NBE's if I went with the 350k mortgage as a final settlement (which is 83% of the outstanding amount including arrears), I am sure what they bought the loan for will be a determining factor. But just wondering has anybody any experience in these types of offers?
Thanks,
TOAD
I have a question about settling accounts with Non Bank Entities (a term I have taken from mabs), our mortgage was in arrears for 9 years before being sold by EBS to Everday Finance (now Link Financial) the total amount on the loan(s) is 330k with arrears of 90k, we have been servicing the original mortgage amount of (1900) in full for approximately 3 years. We are paying 4.5% interest on the loans.
I have a good credit history, the mortgage isnt in my name but rather against my wife as she had the home and fell into arrears prior to us meeting. I have been approved for a Mortgage of 350k with Avant Money (@ 2.1%) and the house is worth approx 450k in the current climate.
Looking up Link Financial they have on their website "If you find yourself in a position where you have sufficient funds to propose a realistic final settlement figure (in the form of a lump sum), please let us know."
What my question is, do people know what a realistic final settlement figure is in the eyes of these NBE's if I went with the 350k mortgage as a final settlement (which is 83% of the outstanding amount including arrears), I am sure what they bought the loan for will be a determining factor. But just wondering has anybody any experience in these types of offers?
Thanks,
TOAD