Creditor letter

National_Debtline

Speaking from professional experience, the overwhelming majority of mortgage shortfall debts either end up:
(a) being included in bankruptcy,
(b) being settled for a significantly reduced lump sum or
(c) occasionally becoming statute-barred as they're left to wither and passed around various debt purchasers.


In all of the above three scenarios, it ends up being a moot point whether any further interest or fees are claimed. This debt collector won't realistically expect to recoup the full paper balance, let alone any extra charges on top, as by definition someone who's been through repossession is unlikely to be rolling around in spare cash (see also fatbelly's observations further above).


Dennis
@natdebtline