Legal Question in Credit and Debt Law in Arkansas

Specific Payment Requirement

I closed re-financing my mortgage yesterday, Aug.27. I co-signed for my son for a pick up and it was repossessed. I have been paying monthly payments on time every month since Dec 2006 and paid down the balance from $7900 to $4900. I called them Aug 24 and asked if they would settle for a lump sum payment. They said if I paid $2500 by Sep 15, it would be paid in full. But, I had to send cash via Western Union Quick Cash or the offer would be null and void. I have a letter from them stating this offer. The new mortgage firm included this amount in the loan to cover this debt. I learned today that they will send me a certified check for$2500 payable to them and me. Can I sign the check and send it to them and expect it to be paid in full if they receive it by Sep 15 ?


Asked on 8/28/07, 6:58 pm

1 Answer from Attorneys
Brandon Moffitt Moffitt & Phillips, PLLC

Re: Specific Payment Requirement

You should be able to pay that way. The best thing to do is to call the loan company again and ask if they will accept a certified check. If they agree, ask them to send a letter to confirm it in writing.

If they don't agree, you should consult your loan company regarding how to comply with the request.

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Answered on 8/29/07, 4:41 pm


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