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Leave the documentation for getting them to send you what was agreed to in writing prior to paying the settlement. Also known as William Street. This debt is not showing up on any of my three credit reports as of Feb however about 9 months ago I received a mailing in Missouri from a collection agency regarding the debt. But you generally remove that concern being suedwhen the SOL has lapsed. The balance on each range from The most obvious reason for a bank to repo a property is late mortgage payments.

Bank Owned Properties

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HSBC Bank USA, National Association, an American subsidiary of UK-based HSBC, is a bank with its operational head office in New York City and its nominal head office in McLean, Virginia (as designated on its charter). HSBC Bank USA, N.A. is a national bank chartered under the National Bank Act, and thus is regulated by the Office of the Comptroller of the Currency (OCC), a part of the U.S. HSBC Bank Swift Codes for all bank branches throughout the world. HSBC threatens negative interest and Santander plots to slash rate Massive blow to millions of bank customers as HSBC threatens negative interest and Santander plots to slash the rate on Britain's.

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There are thousands of banks in the United States. That is in addition to credit unions, hedge funds, loan servicers, and other mortgage companies. This database and bank prospecting tool even allows real estate brokers and buyers to get ahead by tracking the data on delinquent and non-performing loans before they officially go into foreclosure and become bank owned property.

Detailed data from BankProspector provides in depth access to not only identify which of the thousands of banks and lenders out there have non-performing loans and REO, but how much, and what type. Anyone that has had any experience with a bank, whether that is applying for a small business loan, making a mortgage application, or trying to negotiate a loan modification, knows that it is rarely simple.

The rules hardly seem to make sense. However, it can be greatly simplified and streamlined. You just have to understand their mindset, limitations, and processes.

What most may find surprising is that accounting and paperwork burdens can prevent lenders from selling properties sometimes.

Try it out and see. Just make sure you have this page bookmarked in your browser. Foreclosure and bank auctions are tricky and have yielded results in the past. But, their popularity and lawsuits involving rigging in recent years have often yielded them useless and unprofitable.

Wikipedia points out that there are often lien and location issues with these properties. Real estate agents can be a source of bank owned homes for sale.

As commercial real estate brokers can be for multi-family, retail, office, land, and industrial properties. A skilled and experienced agent with great relationships may be a valuable ally in identifying and negotiating deals for bank owned property. Some banks, servicers, and lenders, have even developed their own departments for selling distressed assets.

Others are advertised at market, or above market prices. This obviously eliminates the advantage of this type of property. This is critical for investors, agents looking for listings, and end buyers that demand real value. As a real estate agent or broker bank owned property can be incredibly profitable. Once listed they can sell fast and proven success can lead to a consistent stream of highly profitable listings.

So which banks will list their foreclosure inventory with Realtors? And how do they select which Realtors to give their business? Some of the largest national and international banking giants have already developed their own departments for this in the wake of the foreclosure crisis.

Others have long established relationships with other real estate firms. Trying to take this business away from them may be counterproductive and more time consuming than profitable.

There are still thousands of banks and credit unions in the US that need help. They are often the best source for the best deals. They may also be the easiest way for agents trying to move into this space to work with. They need your help, you want to help them. A few minutes on Google, and an hour networking with other members of your local Realtor association will likely clue you in where not to waste your time.

Focus on the other banks with REOs that need and will welcome your help. So what qualifications do you need to get approved to sell bank owned homes and commercial real estate? Probably less than you thought. Additional training, certificates, and accreditation can help.

Everyone wants to work with a proven specialist. The big challenge is connecting with the decision maker who has the power to grant you the listing. BankProspector is the tool for identifying decision makers at banks holding bank owned property and for obtaining their contact information. How does the process work? The less good news can be that it is different. Be prepared to hurry up to wait, and hurry up to wait.

But it is well worth it for the discounts and profits to be found on bank properties. In spite of the myths, you can negotiate with banks.

Especially, or at least if you are reaching them first, and before they are advertising REO property for sale. Items which may be negotiated include; price, who pays which costs, right to inspect the property, and the closing date.

Price is one of the easiest factors to negotiate when it comes to purchasing bank owned property. Where most fail is failing to understand the most important number to the bank. What they really care about most, and the figure they use to compare offers is how much they will net. Always provide a net sheet. This breaks down all of the closing costs so that the bank will see how much they will ultimately net from the sale from your offer.

Your real estate agent, title company, or real estate attorney can assist with this. The bank will already have a rough idea of what they think the property is worth.

However, you can still justify your offer based on property condition, the local market, and comparable sales and pending foreclosures they may not be aware off. Document everything in detail. If you will be buying direct without a Realtor commission involved, or if your Realtor will reduce their commission for volume business, you may get an additional edge on the competition.

Showing that you are the easiest buyer to work with will also buy you a bigger discount. This is where relationships and direct contacts come into play. This way you can make awesome offers that get accepted all the time.

This year, the bank is busy readying its balance sheet lending program, where it will be making traditional balance sheet loans and bridge loans on assets that are near stabilization. It has also been busy providing warehouse financing to CLO originators. It was a smooth transition by all measures. The market is really starting to value the execution and certainty of dealing with the issuer that is controlling the shelf. That really opened up those bonds to a different investor base and every other dealer has since followed suit.

We take a very proactive, advisory approach to our clients. The property is fully leased and houses Facebook and BuzzFeed, both with leases of roughly , square feet. Our relationships continue to expand. We pick a deal then figure it out with our clients. That loan was provided by L Star Capital. The bank increased its activity in select major markets and regions such as in Boston, Texas and California and continued to build out its multifamily platform, according to Ben Stacks.

The property includes two three-story buildings that are adjoined and span a combined , square feet. Things that used to take four or five months now take a couple of weeks. It used to take 18 months handling new construction financing from HUD [U. Department of Housing and Urban Development]. Now it takes six months…The technology we invested in, which keeps improving, will make us the easiest lender to work with and work for. The firm also financed a 3. Hopefully that will open the spigots a little bit more.

When it comes to its debt business, KKR focuses on larger markets and institutional sponsors, gravitating toward value-add , transitional opportunities. Lotus is already a global firm at the tender age of one. Mack Real Estate Credit Strategies provided the financing. Apollo Global Management provided the loan to real estate investment firm Wainbridge. Lotus is also in the process of closing a second London deal in Mayfair, Ashraf said.

In addition to maintaining its debt placement business, Lotus rolled out a loan sale and distribution platform last year. The business serves lenders and investors looking to de-risk and leverage their positions in whole loans, A-notes and mezzanine debt. Well, we think Lotus is pretty darn unique, too. The fact that there are so many nonbank lenders who can raise large amounts of capital creates a much more competitive market because European banks have come back.

ICBC jointly arranged with J. Though originations actually declined from —by about 6 percent—the year represented concerted geographic growth for the lender, which added a new office in Atlanta and boosted its presence on the West Coast. That strategy represents a deep commitment to supporting loyal Citizens customers wherever their business takes them.

Another shift had Citizens paying more attention to boardrooms than to living rooms in We acquired some of our stock and bonds back. The fourth quarter especially was a banner time for the firm, which scored its third-best three-month period in its year history between October and December when it recorded returns on equity between 9 percent and 10 percent.

And though the firm had to weather the retirement of its president, Michael Mazzei, its co-founder and COO, Pamela McCormack, stood ready to fill his shoes. This is due, she said, to a new team she put in place just after joining the company in So we had some experience on our side.

We had the best bankers involved in our IPO. Given their track record, momentum and the way her company is coming together, Guggenheim sees even greater things ahead for TPG for This is still a relationship business.

Then we feel we can differentiate ourselves. We can offer our clients better service and guide them through what are considered uncertain times. In the southeast, many cities have good job and population growth. Unlimited demand is in workforce and affordable housing. The buildings are located at East th Street, East th Street and Morris Avenue in the Mount Hope neighborhood in the Bronx, and it will feature apartments. It spans roughly , square feet and includes a square-foot facility to serve 41 supportive housing tenants.

The project has a completion date of , plus six months of lease-up and conversion. Firms that can offer more services, convenience, speed, information and insights to their clients are going to win the day. The loan was used to pay off an existing construction loan, provide funds to complete construction of the property and fund reserves to cover debt service and operating shortfalls at the property during lease-up and stabilization.

I won't bore you with details but I still haven't made any headway towards paying off this debt. No payments have been made and no contact has been made between myself and these creditors. At this point I have over 30, in debt, most of which is student loans. As i understand it, the statute of limitations on my credit cards and personal loan has come and gone, so I don't have to worry about being sued. I think much of this debt should come off my credit report in the next year or two if I just sit tight.

Please correct me if any of my assumptions are incorrect. Recently I received a letter from Northland Group Inc. The letter goes on to say that if I were to pay them Both companies can be considered debt collectors in their own right, but LVNV Funding is often viewed as more of a debt buyer.

Northland Group recently changed their name to Radius Global Solutions. I am responding to your question about settling with LVNV Funding, through their collection agency Northland Group, while considering others will be reading this page later. As a result, some of what I am sharing will be general information that is mixed in with feedback specific to your offer to settle from Northland Group. Citibank and many other credit card issuers regularly sell off debts that go unpaid more than 6 months.

Your Citibank credit card sounds like it has gone unpaid for 5 or more years. It is more likely that your Citibank credit card was sold to a different debt buyer originally, and maybe even exchanged hands several times, before landing with LVNV Funding. This is not uncommon. It also means, if my assumption is accurate, that LVNV will have paid bargain basement pricing to purchase the right and ownership of your Citibank account.

Settling a collection debt with Northland Group LVNV Funding at this stage can make sense, but it can also depend on your personal credit goals.

Here are some questions I have:. If you do have immediate or near term future credit goals, and with as much debt you mentioned having that has not been paid for years, settling with Northland Group, even if LVNV is reporting a collection item on your credit report, will have little to no value to your credit report. However, if you take a more broad approach to the outstanding debts, like settling other revolving consumer debts credit cards and personal loans with other collection agencies and debt buyers, than settling the old Citibank credit card with Northland Group would make sense.

If you do have other credit goals, and are interested in what it would take to start to improve your credit report, and get your debt to income ratio on your credit report in line with what lenders look for, post your other debts, balances owed, and who is collecting on them, in the comment section below this goes for anyone reading this page too.

I will give some targeted feedback to help you. The settlement offer letter you received is not all that normal. I am pointing this out for later readers. That likely has more to do with them recognizing the debt is past the statute of limitations in your state to legitimately sue you in order to collect. A typical target for settling a collection account with a debt buyer like LVNV, or with a collection agency like Radius Global, is going to be multiples of that percentage when there is still room to sue and get you to pay.

With someone in your situation who has many debts outstanding, and in the hands of debt collectors, settling one account may breathe new life in to the collection efforts on your other old debts.

This is not always the case, and certainly less so if your other collection accounts are past the SOL to sue, but this is a legitimate concern.

If a collection agency like Radius Global, or a debt buyer like LVNV Funding, is showing up on your credit report now; and you settle with them; and that settlement is updated and reflected on your credit report; other collection agencies paying attention may come out of the wood work.

For you, that could lead to receiving more debt collector phone calls, and receiving debt collection letters, where all of that had mostly died down to this point. For someone who is not past the SOL with some of their collection debts, it can mean breathing life into debts that reach the point of aggressive collection actions, where that may have not been the case otherwise. Based on the little information I have to go on, if I were in your shoes, unless I had some specific credit goals I wanted or needed to accomplish in the next 2 years, I would not take Radius Global up on the offer.

If I did have some goals in mind, like qualifying for a mortgage, I would first want to have a strategy for all other debts in place, and not just settle the LVNV account because it is a great offer. For readers who are not past the SOL to be sued for collection, settling with Radius, LVNV Funding, or any collection accounts for that matter — when set beside credit goals like qualifying for a home loan, refinancing a mortgage, accessing new student loans — settling these types of collection debts for less, and getting a zero balance owed reflected on your credit report — makes a ton of sense.

You shared that much of the 30k in total debt outstanding is from student loans. Part of any strategy would be to look at bringing the student loans out of default if they are government backed student debt.

Those are not going to go away regardless of whether they are on the credit report or not. Ignoring them for now if you cannot get them out of default can make sense from a pure monthly budget, and being light on cash flow perspective. But long term avoidance on government backed student loans is not a good idea. You could end up having tax refunds held back and other surprises later on.

If you can answer my question in the comments below, I can offer additional feedback. If you would like to talk over your situation on the phone you can reach me at , choose option 2, or submit my consult request form.

Getting out of debt is confusing. We have experts standing by to answer any questions you have about debt settlements, lawsuits and judgements. Michael started CRN in with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry, and is a regular contributor to several personal finance websites.

You must be logged in to post a comment. I owe credit one bank but have not worked in a year and half. The amount of claim is Papers say I have 14 days to reply should I contact lawyer for settlement or take to court for a settlement there.

I do not have any lump sum to give but may be able to pay a little a month. If I show up in court to give a response would I be charged court costs fees as well. Thanks for any help you give. Check out more details about settling when sued.

If it is workable, I would defend the suit to buy time to save up and settle out of court. I have limited funds for a lawyer. I would still encourage you to consult with an experienced debt collection defense attorney in your state. Where are you located? I can email you contacts to some who offer a no cost initial consult if you you like? It can help to go look up similar cases that were defended in your court and read through the court filings. The process will not seem as foreign to you after that, and it could lead build your confidence about how to proceed.

I have a judgement for a credit card debt dated back in Due to the amount of years of this debt, and my financial situation not being the best, do I have any choices to handle this situation before they contact my job to garnish my wages?

I could even get fired if they force my company to garnish my salary. If it is a legitimate judgment, LVNV can look to garnish your wages, levy your bank account, or lien property, as is allowed by your state.

The better outcome, unless you are exempt from wage garnishment, is to negotiate a lump sum pay off for less than the balance owed, or proactively set a payment plan you know you can succeed with. That way they leave your employer out of it.

I think it was a credit card debt. That was put on me in I was never served and I just found out about it when I got my credit report 6 months ago. It was filed in Florida. I now live in Maryland. My only income is Social Security disability. Should I make an offer or let them make an offer? Does it matter what state I hire an attorney in? You may not need an attorney, or at least not yet. Can you pull together 30 to 50 percent of the balance owed in order to settle?

My husband has a judgement against him from a really old debt, about 8 years ago. We have not heard anything concerning the debt for a long time. However I would like to negotiate a settlement with them and pay the judgement and get it removed from our local court. How should I go about contacting them and negotiating with them? Judgment debts can be negotiated and settled for less with LVNV. You often will have to work that out with a third party that LVNV places your account with.

My feedback will change from one collector to the next. Give me a call at , ext 2, or fill in the talk to Michael form in the right column of this page so we can email each other in order to schedule a time that works to connect on the phone. This letter is for a debt that is over 7 years old and is not even showing up on my credit report. It says that unless I notify them within 30 days and dispute the validity of this debt they will assume the debt is valid.

If you notify this office in writing within 30 days after receiving this notice that you dispute the validity of the debt or any portion of it this office will obtain verification of the debt or obtain a copy of a judgement and mail you a copy of such judgement or verification. But at the end it says they will not sue me because the debt is too old. It does not say when the debt was from I think I remember having this account over 7 years ago.

I have not contacted them but should I send them a letter to have them verify the debt even if it is so old and not on my credit report or should I talk to an attorney? That catch all language that First National used is found in most collection notices in use nationwide.

It is there as a CYA for the collector. The debt is further too old to appear on your credit reports in anyway, which qualifies this as zombie debt. If you want collection notices and calls to stop I would suggest responding with a cease communication letter sent certified mail.

LVNV sued me over a debt owed originally to a furniture store. They won, and there is now an Abstract of Judgment against me. That was more than 10 years ago and the judgment no longer appears on my credit report. However, it is still held against me Lien in that I have to pay it before I can sell my home. This is not the same firm that handled the suit for LVNV and sent me letters and settlement offers in the past.

Should I contact LVNV, the original collection office or the current collection office to negotiate a settlement? How do I ensure that the Abstract of Judgment is removed so that I can sell my house? I am not sure in which order to do things. You will likely have to negotiate the settlement with the collector LVNV sent your account to. A product of negotiating your judgment will result in the court being updated that the judgment has been satisfied.

The court record is what matters. Title will clear with that. Be careful what you say to the debt collector. If you want help with this you can call me at , option 2 rings to me. Thank you for your reply, Michael.

Unfortunately the only way I can see my fiance coming up with this money is through a personal loan. Also we want to see the original judgement so should we ask for that first to buy us time to see if he can get a personal loan? If it were me I would not want long term payments. I would save up to settle in a single lump sum or close to it. Let me know what comes of the personal loan and how long it will take to save up if that does not go through. I filed an answer, affirmative defenses, requests for documentation and had a few hearings in court.

The only verification that I received regarding this said debt was statements. On the statements it listed that that abide by the State of Delaware laws and therefore, the statute of limitations based on the terms and conditions of Chase Bank and those statements, the said debt should have been uncollectable. With all my argument and documentations including that I have been the victim of fraud, unfortunately, the law office requested a motions for summary judgment the judge decided to grant the law office the motion for summary judgment.

I am not really sure what process is next, but I would assume the law office would need to to request a garnishment or something? Any way, I know that these collection companies tend to purchase these debts pennies on the dollar and Justin wondering how you recommend going about this?

Prior to my last hearing, the lawyer representing LVNV Funding, stated to me that the header lawyer would like this situation out of her hair and thought it was going back and forth and taking too much time. That nevertheless occurred, so I reached out prior to submitting final documentation and the head lawyer requested I call her via email the next day.

I die so and lift a message but did not receive a phone call back. IAt this point, I amwilling to settle as my time and everything else is worth more than this stress. In addition, I no longer reside in the state that I was served. So, my question s is should I settle with LVNV Funding directly versus the law office and request to have this said debt never collevted again and even removed from any reports, if reported or, what do you recommend?

You will likely need to work out the settlement with the attorney for LVNV. Now that the judgment is part of the court record it will show up on the public record section of your credit report. Once you pay any settlement agreement you can expect the court record to be updated to show the LVNV judgment as paid or satisfied.

My fiance received a letter from LVNV for an old debt of 21, He bought a bike and cosigned for his friend to get a bike.

His friends bike was stolen and he never reported it so that payment went into default. My fiance apparently stopped paying on his bike at some point in time too. The original debt collectors went to his parents house in attempt to repo the bike and later to summon him to court.

My fiance claims none of this happened although I do not see his parents lying about this. Anyways, he obviously defaulted in court from lack of appearance and therefore that is why the debt is so high.

They stated they cannot sue him nor report it to his credit? My fiance believes if he ignores it then it will go away. Since we have 2 children and if his wages start getting garnished I need to prevent this from happening. What do you think is the best plan of action.

They are giving us 30 days to reply and we just received it yesterday. I stayed up all night researching for MI. LVNV said they will send us the judgement if we want and so that tells me the statue of limitations no longer applies because in MI after a judgement is made it is good for 20 years.

Please help me with this. I am beyond frustrated with my fiance, but he is terrible with money so I handle all our finances.

That is a great settlement on a judgment debt Brittany. Is there any conceivable way you could raise the money? Even if you had to borrow from family it would be worth it. You could make a counter offer. LVNV Funding shows up on my credit report for I think its a relatives. You can dispute the debt with the credit bureaus as being too old to remain on your credit reports.

You can also dispute it as not yours. Send any dispute in writing via certified mail. The credit bureaus will connect with LVNV to investigate your dispute. From what you shared, if the debt has not been paid for 12 years LVNV Funding should not be on there at all. That is the direction I would take if it were me, but I might include a sentence about not being sure the debt is even yours.

Let me know what the result of the dispute is. If the old collection is not removed from your credit reports I can help you from there.

I had a credit card that I quit paying on during a long unemployment in Balance of Sometime later it was picked up by lvnv and they sued and had a judgment of and collected just over from garnishing mine and my kids bank accounts in We received a letter in march of saying balance is now over Now I am finally able to refinance my mortgage but have to settle this first What is the best way to deal with them and pay as little as possible.

The bank said I could roll this into the loan if we can settle. Thanks for your help. My husband had some financial troubles years ago. They are nowhere to be found on his credit report and knowing his financial timeline are both greater than the 6 year SOL in Vermont and since they are not on his credit report likely even older.

So do you recommend just sending a cease communication letter, or is it worth sending a debt validation letter first? Thanks for your good advice! I would only send a cease communication letter when I am certain the SOL to sue is passed. I would not waste time with a debt validation letter if the debts are as old as this.

Thank you very much for your quick reply! I guess that is my long-winded way of asking should we just ignore these letters? I assume they will continue contacting us. Is there a reason not to validate the debt, just to be sure the SOL is past and go from there? Thanks again, really appreciate your help! Based on everything you shared with me I would suspect the SOL is passed.

Send either notice certified mail and keep a copy of everything for your records. Will probably send a validation letter just to be safe. I will let you know if we ever hear anything back.

Following up on my above posts from September…we did receive response letters to our requests for validation separate letter sent for each debt. One response had some info, one with only a date the debt was acquired. Both past the SOL. However, the information provided, along with our review of the account, is insufficient to support your claim. If you wish us to further investigate your dispute, please contact us directly so that we may discuss the necessary details. If we do not receive additional information on this account, we may resume collection efforts.

So at this point I trust it is safe to send cease communication letters? Thanks for following up with that Chloe. If it were me I would send a cease contact letter certified mail. You are correct about perhaps having to repeat yourself to a later debt collector. What do I need to say in the cease contact letter? Anything beyond that I am requesting that they cease communication in regards to this debt? Should I include something about it being past the SOL?

I am writing to request that you cease all forms of communication with me. While I question whether the account is even mine, the account at issue is passed the state statute to legitimately sue. I will protect my rights should you ignore this request, or pursue any additional collection efforts. I have been living in Arkansas for the past 5 years, previously resided in Texas.

I had a couple of credit cards I could no longer pay on years ago. I am worried by contacting this law firm I may open a can of worms. What is your goal for resolving the debt with Gamache and Myers? If you want to settle the debt you will want to be careful with how you go about it. If you are simply trying to bide your time until the collections drops off your credit reports which should be really soon , and you are certain that it has been 6 or 7 years since you last paid anything on the account, there is not much Gamache and Myers can do to try and get you to pay.

The SOL in Arkansas is passed. If they do sue, your defense is that the debt is time barred. Please give me the bottom line on these people. Soon after they would harass me and my elderly parents. In they garnished my checking account wiped it out completely. I was able to prove that none of the money in the account was earned by me but by my husband. They had to restore every penny. I would like to get this monkey off my back but I find them to be unreasonable.

I have a Dillards credit card I opened in I have started getting settlement letters in the mail from Northland group. The current balance due on the card is a little under 7, The first settlement amount was a little over 3, The second is 2, My fiance and I are wanting to purchase a home and i have been cleaning up my credit for the past year. I then began getting the settlement letters in the mail from Northland group. My question is should I take the settlement, can i negotiate the settlement amount and if so what is a good starting point.

Also with this account being about 8 years old, has it reached the statute of limitations? The limits for credit reporting are 7 and one half years from the date you stopped making payments. I would target roughly 25 percent of the balance as a lump sum payment if my state SOL to legitimately sue has passed. Northland has the option to make an offer on there website and contact them from their website.

Should I utilize these options or do all communication by mail? I also planned on asking them to remove all negative items related to this account from my credit report and to report the account paid in full. You do not need the derogatory credit reporting from Northland Group, the creditor, or a debt buyer, to be deleted to get a loan approved.

Your credit reports need to be updated to show the account is resolved and a zero balance owed. What are your credit scores?

I see very few credit reporting requests, like the one you want to make, get approved. Those types of requests can lead to debt collectors holding out for more money, or even not settling in some instances.

I stay away from written offers to pay, and look to negotiate the deal over the phone, followed by getting the agreement in writing from the debt collector before you pay. You can still be sued for the debt, though that is not likely to happen by Northland Group.

Can you afford to settle for the amount Northland last offered you? I have been slowly cleaning up my credit for the past year and have paid the small balances of other negative things that were on my credit but this is the last negative thing. The last I checked back in January of this year my scores were between and Hi Michael, Very helpful info in this thread.

Frankly, the debt may have been paid but since it is nearly 15 years old, I cannot confirm. Like many others, I was tempted to pay just to move on but honestly think they are fishing at this point. We are looking to buy a home in the next 6 months. Any guidance would be greatly appreciated.

This old account that LVNV is trying to collect on should not impede you from getting a home loan. If it were me, I would keep my dollars. If something about this, or another old account, does come up in the financing process, post an update and lets go from there.

Date of discharge is: It states that the debt would be settled in full after posting of payment. If there is a date of discharge then is the debt not discharged?

Do I still owe it? We have been working with a law firm in California for the past two years to settle all of our debts. I think this was one of them. I suppose I should send this letter to them and let them deal with it, or tell me what to do about it. What do you say?

Discharge, or charge off as it is often referred to, does not mean the debt goes away. It is still real and collectable. If you are working with an attorney debt relief firm, I would run this by them and see what they say. I would take this as a good time to counter offer a lower settlement if you have the money in your escrow account to fund the deal. Could that happen especially if its due to fall off shortly?

Credit One is reporting on all Three with a 0 balance. When, I contacted them they played a recording regarding the SOL and then Resurgent Captial Service sent me a letter repeating the same thing. This information is not legal advice. This debt may be to old for you to be sued on it court. If it is too old, you cannot be required to pay it through a lawsuit. While this debt may not be enforceable through a lawsuit , it may still affect your ability to obtain credit or affect your credit score or rating.

The disclosure is required by state law in Massachusetts when debts pass the SOL to legitimately sue. You can still negotiate a settlement with LVNV. Be sure you follow through with the deal you reach, and get your agreement with LVNV in writing. Being this close to the dates for LVNV being deleted from your credit reports, I would want to be really motivated to get the new mortgage. It can take some time for LVNV to update the zero balance owed with the credit bureaus.

The zero balance reporting will help you clear underwriting hurdles, but may drop your score marginally for a few months. I would talk over this whole scenario with an experienced mortgage broker or 2 , and see what they have for feedback about whether all of that will cause your interest rate to be slightly higher. My concern is, you get the mortgage approved by settling with LVNV, but with a higher interest rate than would have been the case had you waited for LVNV to drop off.

Dont pay a dime to reset the clock.. The person dealing with my account had over complaints in one month and they processed them all quickly, this went on for over a year people complaining to the BBB at 75 to a month, and they can n.

The person I dealt with resigned or was fired. My father cosigned for a student loan in and in filed for bankruptcy without me knowing. This apparently put my loan into default status in July I have the loan with AES as well as 3 others. My main question would be since they came right out and offered a settlement does this lend to the belief that they are outside SOL? I want to settle so it goes away but I am not willing to pay the back interest and fees since I had not been contacted in anyway in 6 years about the delinquent loan.

The company has my information and accepts monthly payments from me on the other three loans. For the SOL concern — it would help to know what state you are in, and when your dad stopped making the payments, or when payments were set to start after you finished school. I do not see too many settlements go for that low if within the SOL. If the account is outside the SOL to sue you you have a better shot at negotiating closer to the 25 percent.

Loan was in South Carolina. I was set to start making payments June , graduated Dec. AES put the loan in delinquent status on July 1, ; no payments were ever made. Figured I would of gotten some kind of letter saying I owed it and need to pay it before a settlement if they had severe recourse. Do believe a word they say, they will sue you. This past June I got a wage garnishment judgement and three weeks later they were collecting. I never got a court date.

I will not open or read anything without my name on it. I think the garnishment should be thrown out due to lack oft notice. It has been hell. I even wrote 2 years ago asking for interest rates…nothing. As far as Northland Group, they are just has bad. They tried collecting on the same account many times. I had to fix that many times. They are criminals and need to put shut down.

The date on the judgement is , which after calling the courthouse last month, finding this is a supposively from in which they are sueing me from. I got the from the courthouse to call. When I did they bounced me from one company to another saying that they no longer had the case.

Now I just received papers stating they will be garnishing my wages. I also want to say that I have been married with a different name than they have me sued under. I believe also they called my place of work and hung up once I said I was Brenda Stuttley 2 times, minutes apart one was a male the other female.

Sure enough I found one. Wouldnt I have to be served papers to go to court?? You certainly should have been aware you were sued. You may still have options regarding never having been served or aware of the suit, but a 10 plus year old judgment may be impossible to undo.

Post the name of a nearby city and I will help you locate an experienced consumer law attorney with debt defense experience. With the pending garnishment, you may have received information along with the employer notice about your right to, and how to, contest the garnishment. If not, call the court and ask them how you can request a hearing to contest.

Depending on what you earn, your bills, and allowable expenses, you may be partially or even fully exempt from garnishment. I sent them cease and desist letters and have not heard from them since. Neither debt has ever been on my credit report and both are yrs old. Do you think the cease and desist letters made them realize that since I live in Texas that the SOL is waayyy past and they will not bother me any more? The most curious thing is that these were not reported to any credit bureau—ever.

Once you send a cease communication letter to debt collectors like Northland Group and LVNV, they must stop their collections efforts, unless they want to sue you. Debt collectors do not always report to the credit bureaus.

LVNV or Resurgent not reporting the debt is remarkable. Who was the original creditor on the account LVNV bought, and did the lender ever show up on your credit?

Im being sued by lvnv funding I was originally in chapter 13 but was dismissed.. I highly recommend working with an experienced debt collection defense attorney.

There are not many of them around the country. If I know of one or more in your city, or one nearby, I will send you there contact details. Just post the name of the largest city near you. Your comments have been very helpful. I have a different scenario. Due to high medical bills cancer I was forced to file Chapter 11 bankruptcy in My attorney filed the Chapt 11 due to my income level.

I have been paying off my creditors as laid out in my court approved bankruptcy plan. I just started getting calls from Northland. According to my attorney, I should not be contacted by any of my creditors. I understand from above this is probably GE Money Bank.

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