Posted on: 06th May, 2012 12:28 am
A bank got my loan from a lender who went out of business because it went against the Truth and Lending Act. The bank got a folder with my mortgage information and was supposed to do a Loan Modification. After 6 months, they never did it and I had to stop paying the loan. A year later, they said they did a Charge Off (like a credit card) I spoke to a mortgage lender and she said that the bank considered it a loss and probably got paid by their insurance company. She said not to worry about it - it was like a gift. A year and a half later,t he bank contacted me and said that I had to start paying on the loan. I am confused because how can they double dip - get paid by the insurance company and then come after me? I am not sure what to do - is the house mine or not?
Thank you.
Frannie
Thank you.
Frannie
Hi Frannie,
If the bank had charged off the loan and assigned it to a collection agency, then they can't ask you for the loan payments now. However, the collection agency may contact you for the loan. You should check out your credit report in order to find out the present status of your loan account. You can even contact a real estate attorney and take his help in deciding what you should do in this regard.
If the bank had charged off the loan and assigned it to a collection agency, then they can't ask you for the loan payments now. However, the collection agency may contact you for the loan. You should check out your credit report in order to find out the present status of your loan account. You can even contact a real estate attorney and take his help in deciding what you should do in this regard.
Hi Frannie!
Welcome to forums!
You shouldn't pay anything to the bank unless they give you the proof in writing that they have withdrawn the account from the collection agency.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You shouldn't pay anything to the bank unless they give you the proof in writing that they have withdrawn the account from the collection agency.
Feel free to ask if you've further queries.
Sussane
Any new collections or charge-offs opened as a result of lates before the last 12 months are considered OK only if Non Traditional credit can be established.
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