Posted on: 08th Feb, 2011 08:10 am
I have a prior post from Feb.4th...please read
The below info offers more info that has come to light since the Feb.4th post.
I pulled my credit report this weekend and it shows that this mort. was purchased in 2004 from the orig. mort. co.. When they purchased it they changed the terms of the mortgage from 15 years to 30 years, same payment amount. Because of this we did not sign the new contract. We contacted a lawyer in 2006, the lawyer sent them a letter stating that they could not by law change the terms of the contract. We never heard from the mort. co. again except for getting the 2006 Mortgage Interest Statement and it shows the "Ending Principal Balance" as $.00.
On my credit report, for this loan it shows the area "Activity Description" as "Paid and Closed". The area where it says "Charge-Off Amount" is blank. In the area at the bottom where it says "Comments" it says "Account paid for less than full balance".
It's my thinking that the request for the paperwork required by the lawyer for the purpose of selling our house has prompted the mort. co to "re-open" the file and they are now attempting to change the status of this loan account to a "Charge-Off " status. Is this another "legal blunder" on their part like they tried to do with the original contract ?
Please advise.
Thank You in advance for any help!
The below info offers more info that has come to light since the Feb.4th post.
I pulled my credit report this weekend and it shows that this mort. was purchased in 2004 from the orig. mort. co.. When they purchased it they changed the terms of the mortgage from 15 years to 30 years, same payment amount. Because of this we did not sign the new contract. We contacted a lawyer in 2006, the lawyer sent them a letter stating that they could not by law change the terms of the contract. We never heard from the mort. co. again except for getting the 2006 Mortgage Interest Statement and it shows the "Ending Principal Balance" as $.00.
On my credit report, for this loan it shows the area "Activity Description" as "Paid and Closed". The area where it says "Charge-Off Amount" is blank. In the area at the bottom where it says "Comments" it says "Account paid for less than full balance".
It's my thinking that the request for the paperwork required by the lawyer for the purpose of selling our house has prompted the mort. co to "re-open" the file and they are now attempting to change the status of this loan account to a "Charge-Off " status. Is this another "legal blunder" on their part like they tried to do with the original contract ?
Please advise.
Thank You in advance for any help!
Hi terryk,
If the status of the account is updated as paid and closed, then I don't think they will be able to charge off the account now. Nevertheless, it will be a better option to have a word with your attorney and take his opinion in this matter.
Thanks
If the status of the account is updated as paid and closed, then I don't think they will be able to charge off the account now. Nevertheless, it will be a better option to have a word with your attorney and take his opinion in this matter.
Thanks