Posted on: 28th Jun, 2009 08:29 pm
Hi,
We have a similar situation. Our house was foreclosed and the second (according to our credit report) has discharged our debt and transferred it to Green Tree Financing. We had sent a large amount of financial info to our first -BOA prior to it being sent to Green Tree- W 2's, Taxes, Income Information, etc etc. We had a settlement with BOA, yet they transferred it to Green Tree prior to completion. Green Tree is now stating that they will try to settle this debt $192,000, yet can't tell us if they 1.) own the debt 2.) are just servicing the debt. They are telling us that we need to submit all the paperwork again and are saying they will try to settle the debt for a much larger amount than BOA originally agreed, or they will try and sue us. What should we do?
We have a similar situation. Our house was foreclosed and the second (according to our credit report) has discharged our debt and transferred it to Green Tree Financing. We had sent a large amount of financial info to our first -BOA prior to it being sent to Green Tree- W 2's, Taxes, Income Information, etc etc. We had a settlement with BOA, yet they transferred it to Green Tree prior to completion. Green Tree is now stating that they will try to settle this debt $192,000, yet can't tell us if they 1.) own the debt 2.) are just servicing the debt. They are telling us that we need to submit all the paperwork again and are saying they will try to settle the debt for a much larger amount than BOA originally agreed, or they will try and sue us. What should we do?
wilson
I think they have bought your loan from BOA.But you need to confirm it from them that and just ask them that you require DV letter. If they are ready to show that then you can start negotiation process and thus it will be lot more easier to tackle the situation.
keep in touch.............
I think they have bought your loan from BOA.But you need to confirm it from them that and just ask them that you require DV letter. If they are ready to show that then you can start negotiation process and thus it will be lot more easier to tackle the situation.
keep in touch.............
Hi Wilson,
Mortgage companies often discharge the debts to some collection agencies, who collect the debts in lieu of the mortgage companies. Since your debt has been discharged to Green Tree Financing, they will now be collecting the debt from you. That they will settle this debt for a larger amount and will sue you for non-payment, are one of the few scare tactics used by these collection agencies. You can negotiate with them and can settle the debts for much less than the amount owed. It is also unlikely that they will sue you right away, if you fail to pay off the debt immediately.
What you should do now is, you can send them a debt validation letter and check if they indeed have been authorized to collect your debt. Once they validate the debt, you can start negotiations with them and work out a settlement.
Mortgage companies often discharge the debts to some collection agencies, who collect the debts in lieu of the mortgage companies. Since your debt has been discharged to Green Tree Financing, they will now be collecting the debt from you. That they will settle this debt for a larger amount and will sue you for non-payment, are one of the few scare tactics used by these collection agencies. You can negotiate with them and can settle the debts for much less than the amount owed. It is also unlikely that they will sue you right away, if you fail to pay off the debt immediately.
What you should do now is, you can send them a debt validation letter and check if they indeed have been authorized to collect your debt. Once they validate the debt, you can start negotiations with them and work out a settlement.