Expert: Ray A Miller - 1/1/2011

Question
Chase bank (HELOC loan) charge off the loan after agreeing to a
Short Sale w/SunTrust Mtg.(finalized on 10/25/10,charge off same day). HELOC loan sold to Oxford Mgt Srvcs,collec agency.1st contact from them 12/6/10 via phone,clarifed to me amt owed that's
it.I called back 1hr later,went to voice mail. Agency called back
12/27 left msg. Still no validation notice.I sent my own certified
return receipt w/in 30 days. I spoke with a Rep who offered 40% off the loan, "I can't afford that, I'm insolvent". She said send
2yrs taxes,3mos paystub,3mos bank statemnts,financial statement to
be considered for a lower settlement. Am I obligated to do this?
What are my options? Can I negotiate with offering a percentage of the loan for full settlement w/o them receiving my life history?

Answer
You should be able to negotiate a settlement with out giving out your life's history but I am sure the agency has policies in place that the collectors must follow.  The next time they contact you ask to speak with a supervisor and see if you can talk a settlement out with them.   hope you find this helpful.