Legal Question in Credit and Debt Law in Texas

� I paid $350 to Green Tree and filed paperwork to have my name removed from the mortgage I had with my ex-boyfriend. He failed to re-mortgage and my name was never removed.

� $25000 outstanding balance, he defaulted in 2007. I moved out in September 1999.

� Green Tree is moving to sue due to an audit

� If this is not settled Green Tree will file a 1099c on me in addition to the penalties and outstanding balance, etc

� The 1099c will lead to up to $8000 in taxes

� Single party release might be available if approved by the board of directors of Green Tree

� Single party release would stop the 1099c and repair my credit

� $4000 settlement payment

What is single party release? Is the settlement payment my best option? What if I can�t raise a lump sum of $4000?


Asked on 1/08/10, 5:53 am

1 Answer from Attorneys
Donald McLeaish McLeaish&Associates;, P.C.

you may have defenses to the claim..so why rush? call us and we can discuss. Single party release, means in this case.."you" as they won't release the other debtor. But did you get notice of default/foreclosure etc..as I say, you may have defenses..also..have they produced a verification of the claim ie..amount borrowed/paid/sale of house to new buyer..etc

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Answered on 1/13/10, 7:57 am


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