Can I renegotiate payment arrangement w collections agency or risk foreclosure?

[tamarab71]

I have 2 mortgages. The first is in modific. process ($200,000) while the 2nd has gone to a collection agency. I lost my job 1.5yrs. ago and my husband is the sole earner(family of 5). Under pressure from coll. agency, I made an arrangement to pay monthly installments that I now see we cannot afford to pay. Can I renegotiate terms to lower payments or do I risk foreclosure by doing so? ( The 2nd mort. is for $50,000). We are already paying on 2 other court judgements for unpaid debt and have 2 liens on our home. Would love to hear your suggestions. Thank you for your time.

 

[army judge]

Never agree to anything a collector suggests.
All those devils want is your money.

You can always try to renegotiate.

You might also speak with a bankruptcy LAWYER.

There might be other options!