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My mortgage pull brought out the 1 thing I was hoping that it wouldn't.. Please help!!!


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I have 1 baddie left on EQ and EX and my TU is now clean. I disputed my Capital One car loan off as obsolete. It is scheduled to come off of the other 2 in September of this year. The whole situation is talked about here http://creditboards.com/forums/index.php?showtopic=508563&hl=%2Bcar+%2Bloan

cliff notes of link above:

Basically I got a car through Capital 1 blank check in 2005ish. I defaulted on the loan in 2006/07. I had called them to come get the car and they never did. I still have the car and the OC is scheduled to come off in September. There is no CA on my reports for this account.

 

We did a mortgage pre approval last month and I was afraid of this car coming back to haunt us. On my reports the OC is listed as selling this debt to Absolute Resolutions. It has been this way for as long as I remember. I have never received a call about it but I have received a letter or 2 in the past. Today I received a letter and I don't think it is from the same company as before. It says the current creditor is Genco Recovery Co, LLC and their letter head says Debt Recovery Solutions, LLC.

 

It has all of the standard notify us within 30 days bla bla bla. It does not say anything about this being to old to sue but in PA our SOL is 4 years and this is close to 7.

 

So basically my question is this.. We might put an offer on a house today and I would expect to have the loan completed within 30 days. I am not sure how I should handle this letter. Normally I would fire off a DV right away especially since this looks like it has been sold multiple times now. No CA has EVER reported this for some strange reason. I worry that if I DV them they will send my BS validation and then put it on my report. If I FOAD them I worry that they would also still put it on my reports since they have the right to do so. If i just ignore them, maybe they will take longer to report if they ever do since it is so old anyways. They did soft my on 03/14 so they know I am clean and they should have seen my mortgage pull. I figure they will eventually end up on my report but I am trying to delay that happening as long as possible. Worst case is they go on and my house buying is pushed back till mid summer. I am really trying to avoid that at this point.

 

WWCBD?

 

 

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put your offer in asap and close in less than 30 days. that's what i would do. only if this is the house i/we wanted to be in. but still do something about the debt collector too. me, i would send a FOAD only if you are sure about the SOL. good luck.

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You have been around long enough to know that mortage apps bring the scumbags out, they are informed as soon as any mortgage app is pulled, they know you will have to settle it prior to close and you can be assured this is going to hit your CR. I would not be putting in any offers unless you are in a position to settle it plain and simple. I know this is not what you want to hear but it is reality, I would have just waited till the CRTP expired and hoped that the mortgage company did not use a full factual report....

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put your offer in asap and close in less than 30 days. that's what i would do. only if this is the house i/we wanted to be in. but still do something about the debt collector too. me, i would send a FOAD only if you are sure about the SOL. good luck.

that is what we are debating. We are going to make our decision in the morning.

 

You have been around long enough to know that mortage apps bring the scumbags out, they are informed as soon as any mortgage app is pulled, they know you will have to settle it prior to close and you can be assured this is going to hit your CR. I would not be putting in any offers unless you are in a position to settle it plain and simple. I know this is not what you want to hear but it is reality, I would have just waited till the CRTP expired and hoped that the mortgage company did not use a full factual report....

we knew that it was a real possibility that this would reappear. We decided to take a chance and so far it has not appeared on my report. Maybe they think it already is or maybe there is another reason it is not on there. I am not in the position to settle nor what I ever even think about settling a 7 year old debt. I am trying to get feedback on the best course of action on this letter and not on the house hunting situation.

 

I am just surprised that you still have the car and never paid the loan off. I am also surprised that Cap1 or a CA has never sued . Smh

 

However , I hope all works out well for you, and congrats on homeownership.

yep me to. When I called them and said come get it and they said no I was shocked as well. FWIW I still owe $15k on the loan which was only a 18k loan on a car that was worth 20k used at the time. It is a nice car so I have no idea why they wouldn't want it. Once we finally purchase a house I am going to hire a lawyer to help me determine whether they even have rights to the car anymore.

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put your offer in asap and close in less than 30 days. that's what i would do. only if this is the house i/we wanted to be in. but still do something about the debt collector too. me, i would send a FOAD only if you are sure about the SOL. good luck.

that is what we are debating. We are going to make our decision in the morning.

You have been around long enough to know that mortage apps bring the scumbags out, they are informed as soon as any mortgage app is pulled, they know you will have to settle it prior to close and you can be assured this is going to hit your CR. I would not be putting in any offers unless you are in a position to settle it plain and simple. I know this is not what you want to hear but it is reality, I would have just waited till the CRTP expired and hoped that the mortgage company did not use a full factual report....

we knew that it was a real possibility that this would reappear. We decided to take a chance and so far it has not appeared on my report. Maybe they think it already is or maybe there is another reason it is not on there. I am not in the position to settle nor what I ever even think about settling a 7 year old debt. I am trying to get feedback on the best course of action on this letter and not on the house hunting situation.

I am just surprised that you still have the car and never paid the loan off. I am also surprised that Cap1 or a CA has never sued . Smh

 

However , I hope all works out well for you, and congrats on homeownership.

yep me to. When I called them and said come get it and they said no I was shocked as well. FWIW I still owe $15k on the loan which was only a 18k loan on a car that was worth 20k used at the time. It is a nice car so I have no idea why they wouldn't want it. Once we finally purchase a house I am going to hire a lawyer to help me determine whether they even have rights to the car anymore.

 

 

I would send them a FOAD letter. It's past Sol. They have no judgment... they no longer have the right to collect the debt. Unless I'm missing something here...

 

Sent from my SCH-I545 using Tapatalk

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put your offer in asap and close in less than 30 days. that's what i would do. only if this is the house i/we wanted to be in. but still do something about the debt collector too. me, i would send a FOAD only if you are sure about the SOL. good luck.

that is what we are debating. We are going to make our decision in the morning.

You have been around long enough to know that mortage apps bring the scumbags out, they are informed as soon as any mortgage app is pulled, they know you will have to settle it prior to close and you can be assured this is going to hit your CR. I would not be putting in any offers unless you are in a position to settle it plain and simple. I know this is not what you want to hear but it is reality, I would have just waited till the CRTP expired and hoped that the mortgage company did not use a full factual report....

we knew that it was a real possibility that this would reappear. We decided to take a chance and so far it has not appeared on my report. Maybe they think it already is or maybe there is another reason it is not on there. I am not in the position to settle nor what I ever even think about settling a 7 year old debt. I am trying to get feedback on the best course of action on this letter and not on the house hunting situation.

I am just surprised that you still have the car and never paid the loan off. I am also surprised that Cap1 or a CA has never sued . Smh

 

However , I hope all works out well for you, and congrats on homeownership.

yep me to. When I called them and said come get it and they said no I was shocked as well. FWIW I still owe $15k on the loan which was only a 18k loan on a car that was worth 20k used at the time. It is a nice car so I have no idea why they wouldn't want it. Once we finally purchase a house I am going to hire a lawyer to help me determine whether they even have rights to the car anymore.

 

 

I would send them a FOAD letter. It's past Sol. They have no judgment... they no longer have the right to collect the debt. Unless I'm missing something here...

 

Sent from my SCH-I545 using Tapatalk

 

I am trying to determine if 1 action will have them report the debt quicker than another one. If I FOAD them will they make sure it gets reported. Normally I would just assume they would report it as any CA would but this has been going on for 7 years now and there has never been a CA on my reports. If I ignore them maybe it will stay that way. By them softing me I assume this may be the first time it gets reported.

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put your offer in asap and close in less than 30 days. that's what i would do. only if this is the house i/we wanted to be in. but still do something about the debt collector too. me, i would send a FOAD only if you are sure about the SOL. good luck.

that is what we are debating. We are going to make our decision in the morning.

You have been around long enough to know that mortage apps bring the scumbags out, they are informed as soon as any mortgage app is pulled, they know you will have to settle it prior to close and you can be assured this is going to hit your CR. I would not be putting in any offers unless you are in a position to settle it plain and simple. I know this is not what you want to hear but it is reality, I would have just waited till the CRTP expired and hoped that the mortgage company did not use a full factual report....

we knew that it was a real possibility that this would reappear. We decided to take a chance and so far it has not appeared on my report. Maybe they think it already is or maybe there is another reason it is not on there. I am not in the position to settle nor what I ever even think about settling a 7 year old debt. I am trying to get feedback on the best course of action on this letter and not on the house hunting situation.

I am just surprised that you still have the car and never paid the loan off. I am also surprised that Cap1 or a CA has never sued . Smh

 

However , I hope all works out well for you, and congrats on homeownership.

yep me to. When I called them and said come get it and they said no I was shocked as well. FWIW I still owe $15k on the loan which was only a 18k loan on a car that was worth 20k used at the time. It is a nice car so I have no idea why they wouldn't want it. Once we finally purchase a house I am going to hire a lawyer to help me determine whether they even have rights to the car anymore.

 

 

I would send them a FOAD letter. It's past Sol. They have no judgment... they no longer have the right to collect the debt. Unless I'm missing something here...

 

Sent from my SCH-I545 using Tapatalk

 

 

Yes he can send a FOAD. They have the right to attempt to collect the debt till the end of time, the SOL does not prevent a lawsuit either though most wont sue because they know they cant win if the SOL is used as a defense. If you get sued post SOL then it is up to you to use it as your affirmative defense. If he sends the FOAD they will most likely dump it off to the next JDB.

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put your offer in asap and close in less than 30 days. that's what i would do. only if this is the house i/we wanted to be in. but still do something about the debt collector too. me, i would send a FOAD only if you are sure about the SOL. good luck.

that is what we are debating. We are going to make our decision in the morning.

You have been around long enough to know that mortage apps bring the scumbags out, they are informed as soon as any mortgage app is pulled, they know you will have to settle it prior to close and you can be assured this is going to hit your CR. I would not be putting in any offers unless you are in a position to settle it plain and simple. I know this is not what you want to hear but it is reality, I would have just waited till the CRTP expired and hoped that the mortgage company did not use a full factual report....

we knew that it was a real possibility that this would reappear. We decided to take a chance and so far it has not appeared on my report. Maybe they think it already is or maybe there is another reason it is not on there. I am not in the position to settle nor what I ever even think about settling a 7 year old debt. I am trying to get feedback on the best course of action on this letter and not on the house hunting situation.

I am just surprised that you still have the car and never paid the loan off. I am also surprised that Cap1 or a CA has never sued . Smh

 

However , I hope all works out well for you, and congrats on homeownership.

yep me to. When I called them and said come get it and they said no I was shocked as well. FWIW I still owe $15k on the loan which was only a 18k loan on a car that was worth 20k used at the time. It is a nice car so I have no idea why they wouldn't want it. Once we finally purchase a house I am going to hire a lawyer to help me determine whether they even have rights to the car anymore.

 

 

I would send them a FOAD letter. It's past Sol. They have no judgment... they no longer have the right to collect the debt. Unless I'm missing something here...

 

Sent from my SCH-I545 using Tapatalk

 

 

Yes he can send a FOAD. They have the right to attempt to collect the debt till the end of time, the SOL does not prevent a lawsuit either though most wont sue because they know they cant win if the SOL is used as a defense. If you get sued post SOL then it is up to you to use it as your affirmative defense. If he sends the FOAD they will most likely dump it off to the next JDB.

 

This is kind of my initial thought. Maybe I wait 20 days to do it. I am thinking if I foad them in 20 days they will just dump it to the next JDB and that would buy me enough time to not have it on my report. It can jump on my report all day long after we close on a house, especially since it will fall off in Sept. I am figuring they will stick it on there with a longer fall off date and I will have to fight that as well.

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put your offer in asap and close in less than 30 days. that's what i would do. only if this is the house i/we wanted to be in. but still do something about the debt collector too. me, i would send a FOAD only if you are sure about the SOL. good luck.

that is what we are debating. We are going to make our decision in the morning.

You have been around long enough to know that mortage apps bring the scumbags out, they are informed as soon as any mortgage app is pulled, they know you will have to settle it prior to close and you can be assured this is going to hit your CR. I would not be putting in any offers unless you are in a position to settle it plain and simple. I know this is not what you want to hear but it is reality, I would have just waited till the CRTP expired and hoped that the mortgage company did not use a full factual report....

we knew that it was a real possibility that this would reappear. We decided to take a chance and so far it has not appeared on my report. Maybe they think it already is or maybe there is another reason it is not on there. I am not in the position to settle nor what I ever even think about settling a 7 year old debt. I am trying to get feedback on the best course of action on this letter and not on the house hunting situation.

I am just surprised that you still have the car and never paid the loan off. I am also surprised that Cap1 or a CA has never sued . Smh

 

However , I hope all works out well for you, and congrats on homeownership.

yep me to. When I called them and said come get it and they said no I was shocked as well. FWIW I still owe $15k on the loan which was only a 18k loan on a car that was worth 20k used at the time. It is a nice car so I have no idea why they wouldn't want it. Once we finally purchase a house I am going to hire a lawyer to help me determine whether they even have rights to the car anymore.

 

 

I would send them a FOAD letter. It's past Sol. They have no judgment... they no longer have the right to collect the debt. Unless I'm missing something here...

 

Sent from my SCH-I545 using Tapatalk

 

 

Yes he can send a FOAD. They have the right to attempt to collect the debt till the end of time, the SOL does not prevent a lawsuit either though most wont sue because they know they cant win if the SOL is used as a defense. If you get sued post SOL then it is up to you to use it as your affirmative defense. If he sends the FOAD they will most likely dump it off to the next JDB.

 

 

Maybe a FOAD and C&D GDale?

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put your offer in asap and close in less than 30 days. that's what i would do. only if this is the house i/we wanted to be in. but still do something about the debt collector too. me, i would send a FOAD only if you are sure about the SOL. good luck.

that is what we are debating. We are going to make our decision in the morning.

You have been around long enough to know that mortage apps bring the scumbags out, they are informed as soon as any mortgage app is pulled, they know you will have to settle it prior to close and you can be assured this is going to hit your CR. I would not be putting in any offers unless you are in a position to settle it plain and simple. I know this is not what you want to hear but it is reality, I would have just waited till the CRTP expired and hoped that the mortgage company did not use a full factual report....

we knew that it was a real possibility that this would reappear. We decided to take a chance and so far it has not appeared on my report. Maybe they think it already is or maybe there is another reason it is not on there. I am not in the position to settle nor what I ever even think about settling a 7 year old debt. I am trying to get feedback on the best course of action on this letter and not on the house hunting situation.

I am just surprised that you still have the car and never paid the loan off. I am also surprised that Cap1 or a CA has never sued . Smh

 

However , I hope all works out well for you, and congrats on homeownership.

yep me to. When I called them and said come get it and they said no I was shocked as well. FWIW I still owe $15k on the loan which was only a 18k loan on a car that was worth 20k used at the time. It is a nice car so I have no idea why they wouldn't want it. Once we finally purchase a house I am going to hire a lawyer to help me determine whether they even have rights to the car anymore.

 

 

I would send them a FOAD letter. It's past Sol. They have no judgment... they no longer have the right to collect the debt. Unless I'm missing something here...

 

Sent from my SCH-I545 using Tapatalk

 

 

Yes he can send a FOAD. They have the right to attempt to collect the debt till the end of time, the SOL does not prevent a lawsuit either though most wont sue because they know they cant win if the SOL is used as a defense. If you get sued post SOL then it is up to you to use it as your affirmative defense. If he sends the FOAD they will most likely dump it off to the next JDB.

 

 

Maybe a FOAD and C&D GDale?

 

 

You would not need to do both the std FOAD includes C&D...

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Adding to this: If the FOAD gets sent the best thing to happen would be the JDB to dump it to another JDB but this is a mortgage were are talking here and they will be more apt to come to the table even with the FOAD, timing will be critical here IMO. I would suggest to the OP that if you have a way to pull daily reports that you watch them and see if anything happens in the next week.. I doubt they would attempt to reage the debt just out of spite, that is illegal and a big fine if caught doing so....

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Adding to this: If the FOAD gets sent the best thing to happen would be the JDB to dump it to another JDB but this is a mortgage were are talking here and they will be more apt to come to the table even with the FOAD, timing will be critical here IMO. I would suggest to the OP that if you have a way to pull daily reports that you watch them and see if anything happens in the next week.. I doubt they would attempt to reage the debt just out of spite, that is illegal and a big fine if caught doing so....

I have been monitoring daily so I will watch for them. Do you think waiting to closer to the 30 days is a good idea or it doesn't matter?

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Adding to this: If the FOAD gets sent the best thing to happen would be the JDB to dump it to another JDB but this is a mortgage were are talking here and they will be more apt to come to the table even with the FOAD, timing will be critical here IMO. I would suggest to the OP that if you have a way to pull daily reports that you watch them and see if anything happens in the next week.. I doubt they would attempt to reage the debt just out of spite, that is illegal and a big fine if caught doing so....

I have been monitoring daily so I will watch for them. Do you think waiting to closer to the 30 days is a good idea or it doesn't matter?

 

 

I would send the FOAD at day 21 giving plenty of time for them to receive it, send it certified no return card, no sig required as they are most likely using drop boxes... They could report it at anytime, the law on reporting says nothing about having to wait 30 days before it can be reported (a lot of peo are confused on this), the law states that if they report it they must send dunning within 5 days.

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You have been around long enough to know that mortage apps bring the scumbags out, they are informed as soon as any mortgage app is pulled, they know you will have to settle it prior to close and you can be assured this is going to hit your CR. I would not be putting in any offers unless you are in a position to settle it plain and simple. I know this is not what you want to hear but it is reality, I would have just waited till the CRTP expired and hoped that the mortgage company did not use a full factual report....

 

There's a bit of bad info on "full factual" reports. These are allowed under the FCRA for large loans and high end employment checks. Older liens, BKs and other public records can easily show up on full factuals but the standard falloffs on credit reports are still there such as the 7 year limit on CAs and most other baddies. While they could report these they don't. If they did then CRAs would also have to provide the same information to consumers. For instance they could have a special page for negatives that are out of date and specify they are only given to creditors with the appropriate PP. But they don't do this. It is just easier not to and less complicated to program.

 

Long thread on the subject that I initiated after reading John Ulzheimer (well known credit related expert witness) state older reporting SOLs could be ignored for high value loans but CRAs choose not to.

http://creditboards.com/forums/index.php?showtopic=473838

Edited by cashnocredit
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Adding to this: If the FOAD gets sent the best thing to happen would be the JDB to dump it to another JDB but this is a mortgage were are talking here and they will be more apt to come to the table even with the FOAD, timing will be critical here IMO. I would suggest to the OP that if you have a way to pull daily reports that you watch them and see if anything happens in the next week.. I doubt they would attempt to reage the debt just out of spite, that is illegal and a big fine if caught doing so....

I have been monitoring daily so I will watch for them. Do you think waiting to closer to the 30 days is a good idea or it doesn't matter?

 

 

I would send the FOAD at day 21 giving plenty of time for them to receive it, send it certified no return card, no sig required as they are most likely using drop boxes... They could report it at anytime, the law on reporting says nothing about having to wait 30 days before it can be reported (a lot of peo are confused on this), the law states that if they report it they must send dunning within 5 days.

 

 

1 thing I read and not on CB is that they can report any time. If they report prior to receiving a dispute they have to list it as in dispute. If you dispute it prior to being reported they are not allowed to report it until the dispute is resolved. If this info is correct then I need to hope at day 21 it is not listed and it takes them a number of days/weeks to send the required info to me.

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well, what did you decide?

As far as the house we lost out because a cash buyer came in and waived all contingencies.

 

As far as the CA I am going to wait 21st days and send something. I haven't decided if it is going to be a DV or FOAD.

 

 

 

Dam Subprime cash...

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