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Can OC reports a past due balance after they assigned the debt to a CO


The last post in this topic was posted 3627 days ago. 


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Help credit board members!


I am trying to get approved for a mortgage and I have one baddie that my lender says I need to resolve. It’s for a deficiency balance on a second mortgage HELOC loan with Bank of America for the amount of $92,000. The short sale took place in February 2010 and I thought that this account was settled after the purchaser of my home paid Bank of America $23,000 to release title.


BTW, Bank of America changed the amount and terms on the eve of the short sale. Originally Bank of America only wanted $3000 to settle the account. I signed the agreement to allow the short sale to continue, but the language of the agreement stated that liability of the deficiency was to be determined. Bank of America states that they have assigned the loan to Sunrise Credit Services, and that they cannot receive payment and that I must contact them. I looked up Sunrise Credit services and they collect on behalf of other clients and purchase debts. Sunrise Credit Services is not currently reporting on my credit report. Bank of America shows a charge off with a past due balance of $92,000 in Nov 2009 on all the CRA’s.


I have disputed with the CRA's and the account has come back being verified. I thought that Bank of America should show transferred with a zero balance, if they assigned the debt to Sunrise Credit Services, but this isn’t the case. Sunrise Credit Services has attempted to call me a few times but I don’t give them any information and I ask them to send me something in writing but I have not received anything as of yet. The SOL in my state is 4 years. Nov 2013 was the due date for the SOL, unless they want to say that the payment of the short sale from the buyer reset the SOL to February 2014. How should I proceed to resolve this? I probably have approximately 35 days to try to close escrow before this deal falls through.

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If BofA has actually sold the debt to the CA or JDB they have to report it at 0 owed as they are no longer the legal owners, if the CA is just acting as agent for BofA then the agent can report it on your reports as a collection for the full amount owed, this hasn't happened yet according to your info.The SOL for this is not the same as a credit card it would be governed by a written contract for real estate in the state where the property is.


In all reality the property is sold and the lien has been released, the loan should be showing a CO with the amount due to short sale. I would demand BofA report it as such or you are going to file a complaint with the CFPB.

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