Quote:
Originally posted by notcasesensitive
The rental market in Santa Monica is a bitch. Anything good has 5 offers on it within a day or two and the landlords get to pick and choose. I know of a recent situation where my friend was first in line and they actually took the second in line person who had a ridiculously high score. I'm not super worried, because Mr Man has a great score and this thing on my credit right now is an anomoly, which still doesn't put me into shitty credit land. But knowing that I'm trying to move into an owner's market makes me more concerned than usual.
But it is interesting to know that your "friend" negotiated that. The Bank thinks it has a pretty strong postion here, I think, because instead of a separate guaranty, I am one of two signatories on the note. There is no distinction in the paper between me and deadbeat. I haven't raised the issue of costs of collection and potential settlement amounts with them yet, because thus far I've been more fishing for information than anything.
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Its 20K. They're working out sooo many loans on any given day that they can only afford to devote so much time to a loan that small. Plus, you're a lawyer. They know you can drive them nuts.
Put $2000 on the table, to be wired asap in exchange for a release with the credit conditions discussed above, and see if they bite. Let them sit for about four days and you'll get a call demanding $7500-10,000. Tell them to forget it - that you'd rather litigate. They'll call back again at $7000. Offer $2750 and let them drag you to $3500.
But be prepared to go all the way to $4-5000.
ETA: My guess is anything near 40% is what they want, so if they can get anything approaching 20% from you, they'll go after deadbeat for the rest.
