Posted on: 20th Jul, 2009 07:34 pm
When my interest rate went from 8% to 14% in 2007 I could no longer afford to pay the mortgage. They set a foreclosure hearing and then suddenly dismissed the process without prejudice. I later checked my credit report and it shows charged off, yet within in one year my note have been sold twice. the first people called Triad Inc. threaten to foreclose on my home, only to have sold me to another unknown collector. They are saying that they are now the note holder and are willing to help me refi to keep my home, but at the same time informing me that homecoming financial still holds the title to the property. So how can they discharge the loan, sell the note, dont go through with the foreclosure and still hold the title to my home. Am I being played by everyone at this stage of the situation or what?
Hi,
If your mortgage has been charged off to a collection agency, it means the original mortgage company thinks the loan is irrecoverable and hence, has sold off the mortgage. The collection agency is unlikely to foreclose on your property, but they can sue you for non-payment.
I'm not sure how the original mortgage company still holds the title, though they've sold off the mortgage. I think you should first send the collection agency a debt validation letter to confirm if they actually have the right to collect the debt from you. Once they validate the debt, you can negotiate with them and check out how you can get the title back if you pay off the debt.
If your mortgage has been charged off to a collection agency, it means the original mortgage company thinks the loan is irrecoverable and hence, has sold off the mortgage. The collection agency is unlikely to foreclose on your property, but they can sue you for non-payment.
I'm not sure how the original mortgage company still holds the title, though they've sold off the mortgage. I think you should first send the collection agency a debt validation letter to confirm if they actually have the right to collect the debt from you. Once they validate the debt, you can negotiate with them and check out how you can get the title back if you pay off the debt.
I do agree that debt validation letter is one of the process to validate the debt but at the same time you need to take a decision whether you really want to keep the home or want to leave.
once you make this decision then it will be easy for us to guide you in that particular aspect.....
keep in touch......
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once you make this decision then it will be easy for us to guide you in that particular aspect.....
keep in touch......
:arrow: :arrow: :arrow: