If we owe on a 2nd mortgage to a 3rd party collector, can they force us to pay a large down payment we cannot afford at this time?
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If we owe on a 2nd mortgage to a 3rd party collector, can they force us to pay a large down payment we cannot afford at this time?
I have already set up monthly arrangements but now they want a $2900 down payment to hold the monthly payment arrangement. Can that be done? How can I work with them to accept what we offered monthly?
Asked on August 20, 2012 under Real Estate Law, Wisconsin
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I suggest that you consult with a real estate attorney to assist in the negotiations with a third party debt collector to make sure that the person that you are dealing with is legitimate. As to what is owed and forcing someone to pay more than what he or she can afford, one cannot do such. Any agreement in this country must be freely and voluntarily entered into.
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