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Two Chase loans written off due to hardship and then sold to two different Collections Co. What do I do?

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dlfuchs Joined: 11 Sep 2010 Posts: 1 1.00 Dollars($)	Posted: Tue Sep 14, 2010 11:49 am    Post subject: Two Chase loans written off due to hardship and then sold to Like 0 Dislike 0 My husband has pancreatic cancer. We were given two predatory loan by JP CHASE. No income verification was ever done... I approached them with hardship and worked with them most of 2009. In September 2009 they noted on my credit report that was written off as a loss, and the other was also closed but to remain on our credit report until 2015.?! Six months later we have two different collection agencies calling. Chase sold the debt to the collections agencies. What can they do to me? Can they put a lien or foreclose? They don't hold the note.... the other curious thing is that I did not get any paper from the Federal Government. It did not reflect back on us for taxes with the Feds? Can anyone add a streak of light to the darkness I am in. Nightmare only begins to describe what we are living through. I don't know what to do. Any suggestions are most thoroughly welcomed. Thank you.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Tue Sep 14, 2010 10:03 pm    Post subject: Like 0 Dislike 0 Hi dlfuchs, The collection agency will contact you for the balance dues. They can even sue you for the dues in the court and place a lien on your property to recover their balance amount. You should contact the collection agency and ask them to validate the debt. Once they validate the debt, you can contact them and negotiate with them to get a repayment plan to pay off the dues. Thanks

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