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How do you find out who really owns a debt? I have several credit cards that were charged off and gone to collections. I’ve been contacted by more than once collection agency for the same card. I want to settle these debts as bankruptcy isn’t an option but I don’t know who to contact.

 

 

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are the debts out of the SOL for your state?

 

settling a charge off may not improve your credit score.

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Almost. SOL is up later this year. Some of them have turned into default judgements. Do I contact the creditor that holds the judgement? I’m trying to clear judgements so I can get a mortgage in the next couple years.


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I thought I needed to settle the ones that have turned into judgements in order to sell my house and buy a new one though.


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The language in the letter will generally tell you whether the company sending the letter owns the debt or whether it is contingency paper.  Some credit report updates (paper reports actually obtained from the four major bureaus) will also indicate if an account has been sold and, if so, to whom the matter has been transferred via sale. 

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Did they place a lien on the property? If not, you can sell it without paying them at the closing. A settled judgment is better than an active one; banks view that as a potential garnishment which may impair your ability to make payments.

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9 hours ago, legaleagle2012 said:

Did they place a lien on the property? If not, you can sell it without paying them at the closing. A settled judgment is better than an active one; banks view that as a potential garnishment which may impair your ability to make payments.

This probably varies by location. In Florida, a judgement automatically attaches to all real estate. I had a judgement against me that was discharged in bankruptcy. No lien was attached to my house, which was the only real estate I owned at the time. The judgement still shows when searching court records. So every time I sell real estate titled in my name I have to provide documentation that the judgement was discharged. This is on property purchased years after the BK. Until I provide the BK documents the title company says they have to pay the judgement.

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Did they place a lien on the property? If not, you can sell it without paying them at the closing. A settled judgment is better than an active one; banks view that as a potential garnishment which may impair your ability to make payments.

No lien attached to the property we’re in now.


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This probably varies by location. In Florida, a judgement automatically attaches to all real estate. I had a judgement against me that was discharged in bankruptcy. No lien was attached to my house, which was the only real estate I owned at the time. The judgement still shows when searching court records. So every time I sell real estate titled in my name I have to provide documentation that the judgement was discharged. This is on property purchased years after the BK. Until I provide the BK documents the title company says they have to pay the judgement.

I’m in Texas. I’m honestly not sure if I would have to pay it when I sell the current property. But fairly sure I can’t get a new mortgage without settling or be in the process of paying toward settling it.


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