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Three years ago, I had a lengthy short sale. At the end of the process, I settled with the bank by paying as much as we can on the loan with a balance as debt forgiveness. In the after settlement letter, the bank said the debt forgiveness will be reported as "account paid in full for less than the full balance". As little as I understood back then, I didn't think this would be a problem for getting a mortgage in the future when we rebuild our life.
Now we are trying to buy a home and getting a mortgage, the lender pointed out this particular report on the short sale three years ago. Currently on my CR, it says:
XXX Bank INS 03/11 91125 Coll/ChrgOff TRU01 acct#YYY 180 M 637 06/07 88215 0 * 03/11 637 3822 (EFX,XPN) SECURED UNPAID BALANCE CHARGED OFF The lender indicated that this line is a concern for the underwriter and should be changed to something like "balance is zero". Could you please give me some advice/directions how I can fix this: 1. Should I contact the short sale lender and request them to change the report? If so, what should I ask them to change to? 2. Or should I dispute with the CRAs (if it's disputable)? Thank you so much for your help!
I have been trying to deal with two old HSBC accounts that were charged off. Long story short, I had 2 HSBC cards charged off before Cap1 bought their US credit card business. They went to Cap1 and I battled them for removal by disputes, EO action, and a CFBP complaint. Nothing came of any of those attempts. They have now been assigned back to HSBC from what i can tell because they now list the po box 9 address in Buffalo instead of the Cap1 Carol Springs, IL address.
I have done recent CRA disputes about these accounts and here's how they are reporting (and came back as verified):
Experian is reporting these as positive trade lines that will will remain until 2021 with the notation "sold to another lender" and a "closed" date in mid 2011. No payment history is reporting at all. No balance due. No charge off notation. Shows up on the backdoor online dispute in the positive accounts section.
Transunion and Equifax are reporting these accounts as charge off accounts with "closed" dates of late 2010. Payment history shows lates leading up to CO. Purchased by another lender noted.
Which of the following methods would you use? Or do you have a different idea?
1. I have a 623 letter typed up with all of the issues mention above plus a few more. The two outcomes I think may come of this are either:
(a) it will be removed because of the incorrect reporting or lack of records to review it since it went to Cap1 and then came back
(b.) they will change the experian reporting to show the CO making it a negative account again
2. File a CFPB dispute for the trade lines reporting completely differently after disputes. I have copies of the disputes showing the completely different reporting.
My goal is complete deletion of these trade lines.
This may provide some ammo to fight charge-off status still reporting on discharged debt.
I just saw where one of my discharged debts had been sold after my BK 7. Couldn't figure out why. This is probably the reason.
I am looking for help on what to do for a Bank of America credit card account that was charged off in December 2012. If I remember correctly, I actually paid this account off in full, but I don't remember for sure as I had a number of credit cards in bad states at that time, so one may have actually been charged off.
The status is "Closed. $1,992 written off." The comment says, "Purchased by another lender." I do not recall ever being contacted by a JDB for this account, but it may have been them that I eventually paid off in full. Though I would have thought that would have been much earlier than late 2012 or early 2013. The first month reported for this TL on my credit report is Septemeber 2009, and it is clean until January 2011. The following negative items appear from that date:
1/11 - 30
7/11 - 30
12/11 - 30
3/12 - CLS
4/12 - CLS
5/12 - CLS
6/12 - 30
7/12 - 60
8/12 - 90
9/12 - 120
10/12 - 150
11/12 - CO
12/12 - CO
I do not recall getting any notices in 2012 or thereafter. Anyway, I am guessing I need to send a validation letter. Let me know if that is incorrect. But, if it is correct, can someone point me in the right direction? I would be grateful for a sample letter. I will of course not use said letter, but it would be nice as a starting point to get my bearings and craft a letter to my specific situation. Also, how do I need to send that? Certified mail return service requested?
Any help in getting started with this negative TL is most appreciated. Really, I could use step by step instructions or a link to where to find them.
I received a Form 1099- Cancellation of Debt. I paid the the tax to the IRS on this account. Chase is still reporting this on EX as a charge off with a recent balance of $7,713. This same account has been deleted by TU and EQ. What is the best way to get this remove from EX? EX keeps confirming that this account has been verified as accurate. Any help will be appreciated.