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pittman2006-07

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PostPosted: Tue Mar 06, 2007 10:55 am    Post subject: affiliated business arrangement disclosure
I need some information about the sol for credit card debts in NJ and if I have the right to sue the creditor if they try to re-age my account. The other thing I need to know is about the mortgage, like what can I do if the company does not give me the initial or annual escrow account statements and I heard about an affiliated business arrangement disclosure, what is it?
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Icon Mini Profile colin
colin
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Joined: 30 Jun 2006

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Location: Waltham, Massachusetts


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PostPosted: Tue Mar 06, 2007 11:19 am    Post subject:
Hi,

Welcome to Mortgagefit forum.

The SOL for credit card debts in NJ is 6 years.

If the creditor tries to re-age your account by updating the last activity date in your credit report to keep negative information on your account longer then you can sue them under Section 605 (c ) of FCRA (Fair Credit Reporting Act).

And if there wrong doing is proved then they could be fined up to $1000.

Colin
 
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carnahandavid


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PostPosted: Tue Mar 06, 2007 11:48 am    Post subject:
Hi Pittman,
Quote:
what can I do if the company does not give me the initial or annual escrow account statements and I heard about an affiliated business arrangement disclosure, what is it?

If your loan servicer does not provide you the initial or annual escrow statements then you should report it to HUD’s Office of Consumer & Regulatory Affairs. The loan servicer can face civil penalty for not providing the statements under Section 10 of RESPA.

Regarding the Affiliated Business Arrangement (AfBA) Disclosure, this disclosure is required to be made when a settlement service provider refers you to a provider with whom they have an ownership or other type of beneficial interest.

The settlement service provider is required to give you the AfBA disclosure at or before the time they make the referral. This disclosure should clearly describe the business arrangement that exists between them. It should also provide you an estimate of the other provider’s charges.

David
 
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