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Everything posted by jasummers76

  1. I live in Illinois. We have a defaulted 2nd mortgage that is over ten years old. The statute of limitations in Illinois for written contracts is 10 years. The 2nd was taken out in 2005 stopped making payments in 2007 and filed for BK in 2009. Besides their lien still being attached to my home, I can't see any situation where they can foreclose this late in the game without me making a payment starting the statute of limitations all over again. Thoughts??
  2. Our situation is that we are current on our first mortgage. The first mortgage was purchased prior to my wife and I getting married and is in my name alone. At the time she had poor credit. She may have signed a release of homestead agreement. I am contacting the first lien holder the mortgage we have never been late on and trying to release her from that if, in fact, she did release all financial loss or reward regarding the property. It is still my understanding that she may still have ownership rights to the home as marital property or tenancy by the entirety. This brings us to the second lien holder being serviced by Specialized Loan Servicing (SLS). This loan was defaulted in 2007 sometime and charged off in 2015. The original lender was E*Trade but was sold in January of 2014 to Bay Harbour Investment Corp in Florida who has (SLS) servicing it. We were never notified of any sale of the note or even who to contact to remedy the situation. We only found out when we recently tried to refinance. The investment firm nor the servicer are listed on the title or deed. With my wife not being on the second lien would that stop them from proceeding with a foreclosure? Basically forcing my wife to sell her interest in the house when she was never on the second lien
  3. The second defaulted is 55k the first has a 117k payoff paid on for 13 years original amount of the first was around 175k. amount property is worth 231k to 233k this information was based on comps in the area when a local agent did a analysis.
  4. Hello, I tried to do a FHA refi on a first mortgage that has never been late and a second with no payments in many many years. Well the FHA now requires all mortgages on the property too have a on time 12 month history. I am already in the process of my attorney working on a modification of the second defaulted loan. But we want too have a back up. Any ideas of other refi loans that this wouldn't be a issue with?
  5. If you buy chance read my previous post I have a defaulted HELOC. Attorney is working on a mod but if I can go with taking a second mortgage that will pay off the defaulted account may just have him switch gears and have him work on a settlement. I was wondering what are your thoughts on turning it into a second 30 year fixed rate mortgage. Right now it's collecting 6.8 daily interest, which is around 7.88 dollars a day
  6. Also the payoff letter stated that SLS was a debt collector. Can they even charge interest? Also wouldn't monthly statements or notice that they're now the owner of the account be required? I mean I could easily make the payment now, just have the lawyer fighting the 12k in interest. I would have even been a little understanding if it showed up on any credit report giving me a chance at noticing
  7. The BK was due too medical bills. Harp was just too get a better interest rate and lower payments. I just don't understand the reason why E-Trade didn't start the interest themselves after the stay which isn't more than a year. They would have increased the amount of the loan. Even if planning on selling they would have gotten more for the loan from SLS when purchased in 2014. E-TRADE would have been able too generate at least 10k in interest themselves and say SLS purchased it at 30 cents on the dollar that would be 3k.
  8. I will try and make this as short as possible. I live in Illinois, bought my home in Jan 2005, and took out a HELOC in April of 2005 with E-Trade. Defaulted on HELOC in late 2008 with E-Trade Filed BK 7 in December 2009 and Discharge in March 2010 the E-Trade loan was never reaffirmed during BK. The loan was sold to Specialized Loan Servicing (SLS) in January 2014 without me knowing or getting notification from either party. Neither showed up on my credit report. I new the BK protected me from being sued for any balance left if I sold my home at a loss were the junior lien holder (E-Trade / SLS) was not paid in full but the lien was still attached to the property and they could foreclose. Recently applied for a HARP loan and that is when SLS showed up on the title search, they refused to subordinate and sent a payoff letter for the 41k principal and had an additional 12k in interest that they charged not E-Trade which we hadn't made a payment to since late 2008 the interest was from January 2014 when they purchased the account from my math. Is this 12k interest legal without at least letting me know somehow they even owned it? I got my first letter from them a few weeks after the harp loan was dead in the water. I hired an attorney but since they have only sent one letter giving me like 4 options to cure the situation it isn't a pressing matter for my attorney who I have only been dealing with for about a week. They are still in the process of collecting my documents and trying to get a modification hopefully on just the principle. I just want to know if I am on the hook for the extra 12k which is growing by $7.89 daily.
  9. Hi Everyone, Looking for a subprime lender score is in the 530 range that reports to the CRA's. Do not really need the money but do need another positive trade line that is not a credit card. My mortgage company does not report and my car has been paid off a long time. My negs and Pos tradelines are all coming up to fall off my report in 2020 and I currently only have two Credit Cards. I have some baddies that I am paying for deletion.
  10. This is for my wife she defaulted on two cap one cards. She stopped paying altogether, after she stopped paying how many months can they continue to charge late and over the limit fees? I just pulled her credit and the credit limit is like 500.00 but the CO was like over 900.00.
  11. It is hard I did a simulator a couple different ways and it was a 10 to 15 point decrease.
  12. Admin please delete I hit the submit button Twice
  13. When mailing in several disputes after them being verfied the online route. Would you mail them together or separately. Only reason I ask is that what if you send one and it lands on a desk of someone who sees it has been verified before and sends a form letter back on all the disputes. I will be doing a MOV and SOL letters for several accounts. I have had good out comes with getting old lates off my credit report in the past. Thanks everyone
  14. When mailing in several disputes after them being verfied the online route. Would you mail them together or separately. Only reason I ask is that what if you send one and it lands on a desk of someone who sees it has been verified before and sends a form letter back on all the disputes. I will be doing a MOV and SOL letters for several accounts. I have had good out comes with getting old lates off my credit report in the past. Thanks everyone
  15. Thanks everyone I just want to say the only reason I did not file a report with the police is because he was 17 and has already gotten many grants for college and this is the only serious thing he has ever done. For people to say they would put a felony on their kids record over 540 dollars is kind out there. I mean I would if he was a deliquent or was using credit for drugs of course but we are talking about a very poor choice by teen. My question still is open i am willing to pay the debt but how do I go about getting two trade lines from the same cars down to one? Thank you all for your responses
  16. On the overview page, it says "TIME SINCE LATE" 11 MONTHS But on the summary page for each of the three CRA's it says "TIME SINCE NEGATIVE" 0.9 Years Now here is the thing that is stumping me on the payment history for some of my negative accounts they have reported me as being late this month. " Portfolio Recovery" They have been reporting two collection accounts they have on me with all CRA's as late and with past due amounts. On the subject of collection accounts. Should they be reporting you as late every month? Showing a PAST due balance? Showing your account type as anything other than COLLECTION? Some of mine say installment an so forth. What am I missing.. and yes I do have paper copies of all three of my reports info, for the most part, it is the same as on Credit Check. Although my once Fair score on Equifax Fico was 602 is really a 556 on Credit Check. Ouch
  17. Could a OC also have a collection company within them. Both go by Mid America Bank and Trust just the last name is different.
  18. The OC comments that account was transferred to other branch.
  19. I can understand that, but the branch who opened the account had it less the three months and does not show it as a CO. Then the second one reported a payment for a month the OC has marked at 30 day late.
  20. Yes he has paid me, and no I did not file a police report against my son. I am just wondering if a company is allowed to report the same account twice by changing the account number and saying a payment was made in a month the branch they bought it from reported it as 30 days late.
  21. This account was original with Mid American Bank and Trust Company Total Visa. My son used my info to get the card we already had a long talk. A payment was never made on the account which is showing as 30 days late as of 12/2015 and 60 Days late on 01/2016. In the remarks section of this trade line, it states "transferred to another office" The account pops back up with Mid America B&T Genesis with a new account number. Now it is showing a payment was made in 12/2015 then goes 7 straight months without a payment before being CO. I am not trying to get them removed as I am not trying to get my son in trouble. But I do find it unfair that "one" credit card is reporting the same negative information twice. anyone thoughts?
  22. I received all my reports directly from CRA'S.
  23. Thank you I figured that as long as it was not being listed in the payments history it would not. Thank you

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