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Q.
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What
is the advantage of debt negotiations and settlements?
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A.
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- Takes
pressure off the LTV
- Gives
your client more cash access
- The
client is less sensitive to closing costs
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Q.
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How
can debt negotiation effect the clients credit report?
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A.
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That
will depend on the creditor. Some creditors report to the
clearinghouses that the accounts are paid, others report it as
settled, or settled as agreed. In the event a creditor reports
incorrect information we include a credit follow up report.
This portion of our service will ultimately correct this
problem.
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Q.
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Do
all debts need to he settled and paid at closing?
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A.
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If your
closing is not subject to the other debts, we can continue to
negotiate after the closing, otherwise negotiations are
completed before closing takes place.
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Q.
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Does
this only work with unsecured debts?
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A.
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No,
judgments, liens (including tax liens), and even mortgages can
be settled (under certain circumstances).
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Q.
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Do
these debts have to be bad to be negotiated?
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A.
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NO. In
some cases, even current accounts can be settled for less than
the full amount. Settlements will vary depending on the state
of the debt.
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