I am assisting with a settlement on a 2nd loan with PNC. This is not a short sale but the borrower has access to cash and can offer a settlement. The loan is currently being handled by the ‘debt management deportment’. They are willing to work with us for a settlement but right now they are strong arming us into paying 1 month payment (the loan is 5-6 months delinquent) so that the loan does not get ‘charged off’ at the end of this month- June. They are saying they need this payment so that the loan stays in their deportment so they can continue to review the settlement offer.
My question is- should I let the loan get charged off, will that help with the settlement?
Or should we cough up the 1 month payment to keep the loan from getting charged off. Where would I have more success with the settlement?
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