TCF Short Sale- responsible for 60k deficit- any way out?

hi, we sold our house a few years ago, and TCF signed us up for an installment loan for the deficit of $60k. We pay $250/month for 20 yrs. does anyone know if there is any way out of this agreement? 

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Permalink Reply by Short Sale Superstars LLC on June 10, 2015 at 6:24am

Likely not a way out unless if it is "settled". Have you considered attempting a settlement?

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Permalink Reply by liz hall on June 10, 2015 at 6:47am

i'm not really sure what that means. i thought this 20 yr installment loan was the "settlement." what are you referring to when you say that? thanks for the reply.

Permalink Reply by Short Sale Superstars LLC on June 10, 2015 at 6:50am

I'd agree that the those terms were part of the short sale settlement that were agreed to. I'm referring to going back in there again and trying to settle the 20 yr installment loan. This would likely involve offering a cash lump sum to them and seeing if the bite.

Permalink Reply by liz hall on June 10, 2015 at 6:53am

ah, ok. thanks for the suggestion. maybe we'll try that. i know when we signed up for this installment loan, we signed a LOT of paperwork saying that if we defaulted we would get beheaded (or something along those lines.)

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