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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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sabrina, i'd be pretty surprised to learn that they'd share their policies with you. in fact, i'd be surprised if the office of thrift supervision forced their hand in so doing - policies are changeable, of course, and they are typically meant only for the eyes that need to see them - the employees who use the policies to do their jobs.
you can certainly request their policies, and you may be successful, given that you've found assistance on a supervisory level. and, of course, if your case were to end up in court, it would never surprise me to see a judge order that they be turned over to you.
honestly, nothing that a judge does in any court in this country ought to come as a surprise to any of us. there are some wacky people walking around in courtrooms wearing robes.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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oh yeah....and handling gavels, too.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Sabring
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Post subject: for Mr. Akerley |
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| The plot thickens. The gentleman helping me at this bank has now informed me that the "compliance" department has sent us a 1099C on yesterday's date! (03/02/20) The amount is for just over $13,000. We filed our taxes just this week and I am wondering if this is a legal action on their part as we did not receive it before 01/31/10. This is getting stranger and stranger! Fortunately, I do have an understanding ear at this bank and I do feel like he hears me. I am shocked by their actions and now have an address for Thrift Supervision in Chicago, IL. |
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Sabrina
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Post subject: correction |
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| that date is 03/03/10! |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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glad you clarified that...i wouldn't be too worried about something that's dated 10 years in the future, after all.
let's face it...not all lenders are "the best and the brightest."
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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TFM13021
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Post subject: Will bankruptcy remove charge offs from credit report |
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| I have file and discharged chapter 7 bankruptcy. My credit report is littered with charge offs. I thought the bankruptcy would remove them. Can I et then removed, and how? |
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TFM13021
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Post subject: Will bankruptcy remove charge offs from credit report |
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| I have file and discharged chapter 7 bankruptcy. My credit report is littered with charge offs. I thought the bankruptcy would remove them. Can I et then removed, and how? |
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banker0679
Community Expert
Joined: 15 Nov 2007
Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
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It doesnt remove the items
the credit items should say INCLUDED IN BANKRUPTCY under each tradeline
Make sure they do this so the tradeline becomes UNRATED
_________________
there's always hope!
"My credit score shot up 68 points!" |
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Scooter
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Post subject: Charge off |
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I just had my credit pulled for a mortgage loan, with xpn i could get approved but efx and tu are alot lower. I have a charge off for a credit card it will be paid off in a week. I wanna get it removed to boost my credit score is it possible? Or at least have it say paid will that boost my score?  |
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banker0679
Community Expert
Joined: 15 Nov 2007
Posts: 452
Location: Charlotte, North Carolina
19.27 Dollars($)
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it is possible
make sure you negotiate that with them by doing a pay for deletion
if you pay it and they just update it...then your score can drop even lower AND it may appear on XPN
Speak to the lender ot make sure it's absolutely necessary to pay that collection
_________________
there's always hope!
"My credit score shot up 68 points!" |
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cagebird5
Joined: 25 Mar 2010
Posts: 4
1.88 Dollars($)
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Post subject: cagebird5 |
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When you call up your credit card company, and ask them to take less than you owe what happens is they charge off the rest. It does go against your credit. Even though they have agreed to a lesser amount the rest is considered a write off, and they will report it to the credit bureau.
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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cagebird, what we are speaking about here is already a charged off account. what will occur is that the creditor will reflect that the account was "settled" at less than 100%. if, as eric described above, the creditor is willing to a deletion, that means that the whole ugly incident will disappear completely.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Sabrina
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Post subject: Dishonest Banks |
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| Mr. Akerley I am back! The bank is aware that they have violated the Fair and Accurate Reporting Act #1681 and they are blowing it off due to the "changes" due to short sales. That said, another interesting little tidbit for your short sale persons who are willing to negociate with the bank and sign an unsecured note. This bank which we are paying 2/3's back with a 20 year note has been very deceitful. They will not be reporting this note to the CRS's. My research has indicated that "collection" agencies will not give you credit when you are paying them back. I am wondering how this letter of approval and this promissory note which we signed in good faith has now become "collection". It makes sense, but why didn't the bank let us know what they would be doing? I thought we were negotiating in good faith for the repayment of this loan, and the bank is refusing to give us credit for doing the right thing in paying them back. Doesn't it seem that if we signed a promissory note, (with no mention of collection on it), that the bank would have to treat is as an unsecured note? There is nothing that would have alerted me to this banking behavior when we signed the note as I have worked in the banking industry and am familiar with unsecured notes. It is still blowing my mind that if we had signed a promissory note for the full amount owed with interest, the bank would still have given us ZERO credit for paying them back! Please help if you have any remedies. At this point in time I regret signing the note and my advice to anyone involved in negotiations during a short sale is to be extremely careful because the banks are not being honest and ethical. If you have any information or web sites involving short sales and unsecured notes, please forward them to me. I have reviewed my short sale documents and the only thing that mentions collections is on the letter of approval when the person who signed put their title as "Collections". I had no idea that we would be in collections because we were signing a note out of good faith and the desire to pay the lender back. Thank you again! |
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Sabrina
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Post subject: CRA |
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| That is CRA's not CRS's! |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Sabrina, welcome back and thanks for the update. I don't have any experience in this area of lending/banking/finance/collections/you name it, and I'm sure the overwhelming majority of us here haven't been down that road (those roads) either. Short sales, though they've been around for a long time, are far more prevalent than in any previous recollected time, so the circumstances surrounding them and the methods by which lenders are able to recoup their losses are probably being created on the fly.
That being said, I understand your frustration in only now learning of this being a collection, and I have to commiserate with you, particularly since the signing of a promissory note wasn't disclosed to you as a collections tool. It's pretty easy to see that you'd have expected this to be merely an unsecured loan, and therefore reportable to the credit repositories.
I don't know what form of negotiation you might be able to enter into that would change the format or terminology of this note on the lender's end, but it's certainly worth your trouble to seek it out.
On a good note, I suppose, is that you have the right as a consumer, to enter your own comments into your credit record with all the agencies. Do lenders actually read these comments and take them to heart? That's a hard question to answer...for me, when I was an underwriter (trying to get back to that again now!), I'd certainly read them but most were inconsequential when it came down to how I was viewing a loan. Regrettably, there's no schooling done for those who'd add comments to their own credit records, so the language didn't always make sense, nor did it serve much of a purpose in those that I read for the most part.
By all means, you ought to investigate further, to see if there's a way you can turn this collection into an unsecured installment loan. Regulatory agencies might be worth discussing this with, in addition to the bank; maybe even your state's Attorney General's office or Banking Commission.
This is obviously painful to you. You've tried to do "the right thing" and it seems you're only being penalized for so doing.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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