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Creditor/Collections Question (housing related)
invite response
2009 Oct 14, 7:06am 1,820 views 4 comments
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elliemae
2009 Oct 14, 1:09pm
Check out loansafe.org; they might know. I heard somewhere that if you talk to them or respond in any way, it's accepting that you owe the debt and they can mess with you. But I don't remember where...
Did the 2nd give you any document at all after they signed off on the title?
Was this in CA?
The following response someone else gave to your previous post still is every bit as valid: Why are you obsessing about this again? With this economy we all have bigger things to worry about.
knewbetter
Joined: July 28th, 2007
Posts: 2
Comments: 81
August 19th, 2009 at 2:11 pm | top | quote | email this | impolite
If they agreed to the short sale then they’re out of luck. End of story. The reason they took the short sale in the first place is because they didn’t have the cash to pay the first mortgage, taxes, insurance, ect, and now they’ve got some collections agency in hopes of screwing you.
They can’t do shit. Don’t worry about it. This was a collateral-based loan. If they want the rest of their money they can go after the new owners!
elliemae
2009 Oct 15, 12:49am
I think it depends upon which state you're in. But asking our opinions - and we all have 'em - won't mean shit to you in the long run. You need to find out the laws in your state and go from there. From what I can tell, you're saying that no arrangement was made regarding the balance on the second. So it might still be your debt. And they can go after you and will do so if it's legal.
IMHO, this is why god made real estate lawyers.
Generally, the older a debt is, and the more it's changed hands, the cheaper and cheaper it gets to acquire. I fully understand I might still owe this debt (it's debatable), and if given proper validation by the collections company, I will work to achieve a settlement.
My point is that if the original creditor still owns this disputed debt, their settlement amount would most likely be a lot higher than some company five generations down the line that bought the debt for fractions of pennies on the dollar. So where this is along the line is of great importance to me.
As I've driveled here before, I short sold my home a while back and wasn't astute enough to get debt forgiveness for the short amount (on the 2nd mortgage--first was paid in full).
Anyway, a few months ago, a collections agency started calling, and I requested debt validation, which I never received. Now, a new collections agency is contacting me regarding this, and I'll be firing off another debt validation letter as well.
So here's the question. Since the first collections agency never properly validated the debt, I never got an answer as to whether or not the debt was sold from the original lender.  Does the fact that a SECOND collections agency contacting me mean the debt has been sold? Could there still be a chance the original lender still owns the debt?
I'm hesitant to call the original lender for fear of being put on top of any list.
#housing