Effects on Credit with Debt Not Paid at all VS Debt pain in Settlement
I lost like 140k in a home foreclosure. The first mortgage bank cancelled my debt and sent me 1099c. The second mortgage bank sold the my loan for $102,500.00 to debt collector. Now Saxon mortgage who currently owns my loan, is giving me an offer to settle with $5000. I can't come up with that money. I have question though. I was told that any derogatory info on an account remains on the history for 7 years. Now its been 2 years already. I did not pay a single penny and have no intentions to pay in future too. Now, is it worth to pay $5000 and settle down or just forget that I even have this loan for another 5 years and wiat it to be removed from my Credit report. Or am I informed wrongly? Do unpaid loans remain on credit report forever? Any help will be greatly appreciated.