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Lynnd - Do you have any idea why if WF charged off the loan they are still interested in what you pay the collections agency.
Is it not the case that WF sold your loan to the CA and then it is up to the CA to make as much profit as they can? Do you have any suggestions on how to effectively counter? Or, you might just choose to forget about ever settling this loan.
That, of course, depends on your age and other factors.
FYI, a CA is a collection agency, not a debt buyer. The owner of the debt contracts with a CA but still retains ownership. However, if a person or entity were to actually buy that debt, then they would be legally entitled to foreclose on that loan. There have been 3,740 posts, and every conceivable question and situation has already been addressed at least once.
There have been no novel questions or new situations in many months. The thread, while still very popular, has become overly long and unwieldy. Although the thread is closed, all of the posts and information will remain accessible. Visitors can utilize the thread search tool to find answers, or just browse the pages and posts to learn more about the subject. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. However, we have received what I think are suspicious mailings, twice now, from a group called Aspen G LLC, claiming to be a company to whom we can pay our 2nd, and referencing, in passing, our current holder.
The suspicious part, to me, is that they also reference First Franklin, who was our original lender back in 2005, and who sold the loan in 2009 or 2010.
They claim to have payday loans lawton ok filed papers with the city in which we live, and this paperwork says that First Franklin has granted rights to someone else called US Mortgage Resolution. Also, my credit report indicates that my second was charged off (also referred to as written off back in 2014.
So, I am going to speak to to Citi and offer to pay the Heloc in full NOW (well, in the next 3 months) in one lump sum, IF they can agree to a discounted amount.
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Greentree was horrible and even had people come get cash now to our house and leave letters on our door, they told me I should pay the second before I buy groceries for my kids.
However, we have finally been negotiating with a law firm after being served with papers and they were professional and have made the process bearable. We were finally sued by BOA on our SOJL one year shy of making it to the SOL. We initially attempted a settlement with Greentree Servicing for BOA which they refused and house went into foreclosure. Greentree was horrible and even had people come to our house and leave letters on our door, they told me I should pay the second before I buy groceries for my kids. However, we have finally been negotiating with a law firm after being served with papers and they were professional and have made the process bearable.
Hello 1queen3kings, just to clarify, you settled with the law firm for Greentree after the house was foreclosed on? Hello 1queen3kings, just to clarify, you settled with the law firm for Greentree after the house was foreclosed on? Our house foreclosed in 2010 so no we do not still have the house. The second mortgage became a sold out junior loan when we foreclosed. We attempted a settlement for the second prior to foreclosure with GreenTree (who was servicing the second loan at unsecured loan the time for BOA who owns the loan) without success. No word from second for 5 years until we were served with the lawsuit prior to the SOL running out for the entire second loan amount. The settlement was reached with law firm representing BOA prior get cash now to going to trial. The gal on the phone mentioned she needed me to call her back in reference to the 2nd mortgage but made no claim as to being the holder of said mortgage.
I do not want to cry victory yet, but it is still overwhelming as I never thought I would get this far and definitely not this fast as I just started this journey.
I am extremely tempted to accept as I want to put this behind me, move on and also take advantage of the Debt Relief Act (I understand that it has been extended to cover 2016 right??
Our client, Citibank, will be responsible to release pay day loans no brokers its lien associated with this property and waive the deficiency balance on the above listed account. There is nothing in the letter guarantying that the lien will be released and nothing about about what will happen to my credit.
Next I called Citi directly and got confirmation about the settlement agreement.
However Citi is telling me that they cannot give me a letter either because everything is being handled by Alliance One.
So I am very get cash now worried about paying the money, and then finding out later that Citi can: Does anybody know if this is standard if dealing with the collector?
Did anybody face this situation and was able to convince them to change the letter?
I am so worried that this could be a scam and that they might be fooling me just to get the money and then end up having Citi coming after me in the future or having to fight for the lien. DEMAND to have in writing that the account is paid in full or settled in full and it is clearly stated that lien will be released on your home. You will have get cash now to file this in your tax return for low cost payday loans the year they issue it, so you secured bad credit loans have to push them to settle it in 2016 in order to get the relief for the discharge of indebtedness. You will file this 1099 with your tax return but you are not liable for the income tax from the amount forgiven.
DEMAND to have in writing that the account is paid in full or settled in full and it is clearly stated that lien will be released on your home.
You will have to file this in your tax return for the year they issue it, so you have to push them to settle it in 2016 in order to get the relief for the discharge of indebtedness. You will file this 1099 with your tax return but you are not liable for the income tax from the amount forgiven. I, too, am attempting to settle with Citizens, but they will instant payday loans not talk to me about settling unless I submit financials.
They are trying to get me to agree to a payment plan instead of a lump sum. Well - it would help if you are NOT paying both to show true hardship. I was in get cash now a good place in 2012, because back then I was self employed as a 1099 consultant. What I did is I told half my clients to stop paying me for 6 months - this shows I had limited cash flow income. The loans were sold off a few times ending with ultimately Bank of America servicing the first note from Countrywide mortgage and SLS. So in the beginning of 2012, I stopped paying both loans in February 2012. I kept in touch with BoA for purposes of getting a loan mod. I missed a total of 5 get cash now payments with BoA, and finally in September, BoA offered me a 3mo trial period to qualify for loan modification.
My loan after 6months went to charge off, so my account was sent to their Recovery department. I explained my hardship situation and given that I live in a recourse state, I let SLS. All I did was give a verbal offer and the phone rep placed me on hold (to speak to a manager).
Not bad for just ONE phone call after over 10 months!!! I did NOT OWE the income tax on this via the The Mortgage Debt Relief Act of 2007 since the HELOC was originated solely to obtain the home initially.
I had good timing as this relief act was going to be eventually extended up thru 2016 from what I read. So in the end, I got to keep my home with one modified 1st loan NO more HELOC! The money I saved from not paying BoA for 5 months and SLS. Even after a loan mod, you are able to buy another home provided you show that you have had excellent mortgage payment history for 24 straight months after mod. Hope you all have just as good outcomes with your underwater loans! I have finally successfully settled my 2nd with Suntrust Mortgage, after years of not corresponding with them. It was a long process but I am thankful for all the help I got on this forum.
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