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What else can I help you with?
When you owe money to another lender you are a?
When you owe money to another lender, you are a _____.
What is the meaning of reo properties?
A Real-Estate Owned Property, or REO property means that a property is owned by the original lender that was not sold during foreclosure. REO properties are noticeable because usually the upkeep of the property is not the best.
What is owner's policy title insurance?
An owners policy refers to a title insurance policy issued to the property owner not the lender. It provides protection to the owner of the property and is normally purchased at the time you settle on the purchase transaction. If the prior owner purchased an owners policy on the property prior to the new sale a discount called reissue rate may be applied if you can provide the prior policy information. The discount can be significant.
When the lender contracts out for the a rept to a CA repo agent and that party contracts to a 2nd party Texas agent to complete who is responsible for the damages incurred during the repo?
Regardless of who the agent is that actually repossesses a vehicle the responsibility will remain with the agency that actually accomplished the repossession, however, the Creditor is ultimately responsible for the actions of the agents that they assign an account to. The assigning agency, if they had no actual part in the repossession will probably not be responsible.
Is redlining permitted if the lender can prove the practice is based on 'business necessity'?
yes
Can a company that purchased your charged off account from the original lender file a suit against you?
YES, they purchased a debt contract. The original creditor does not forgive / eliminate a debt by selling it to a collector -- they simply gave-up on collecting a worthwhile settlement from you.
If a bankruptcy was discharged on an account that was sold to another lender and the original creditor is marking it as a charge off should it be marked as bankruptcy by the original creditor?
Yes, this debt should have been marked as a bankruptcy by the original creditor. It cannot be changed from a bankruptcy to a discharge unless the bankruptcy did not go through.
Who should the debtor pay when an account is sold by the original creditor to another lender or collector?
Yes, the debt still stands. It's how debt collectors stay in busniess. When the debt or account is sold, the debt isn't erased, merely transferred. In essence, the original lender has sold the whole contract. * The debtor makes any payment agreement with the collector not the original creditor.
If a debt is not reaffirmed by a creditor is the debt discharged in a bankruptcy?
The creditor is the lender. The bankrupt is the debtor. The lender never has to re-affirm he wants to get paid back.
When accounts are purchased by another lender which do you list when filing for bankruptcy?
You list the creditor or collector of the last notice your received. For example if you received a collection notice from an agency for a debt from Capital One you list it in that form. XXX agency for Capital One acct.
What is the difference between a creditor and a lender?
They are spelled differently.
Can a finance company repossess a car in California if they are not on the registration?
two choices here. they have the VIN mixed up with yours OR they have purchased the loan contract from the original lender. Contact the lender and find out.
What do it mean when you get a letter from your mortgage co that they have sold your mortgage to another servicer?
That means another bank has purchased your mortgage. The original lender should arrange to have an assignment of mortgage recorded in the land records to make the assignment legal. As long as you make your payments on time you shouldn't suffer any effects except a change in the address where you send your payments.That means another bank has purchased your mortgage. The original lender should arrange to have an assignment of mortgage recorded in the land records to make the assignment legal. As long as you make your payments on time you shouldn't suffer any effects except a change in the address where you send your payments.That means another bank has purchased your mortgage. The original lender should arrange to have an assignment of mortgage recorded in the land records to make the assignment legal. As long as you make your payments on time you shouldn't suffer any effects except a change in the address where you send your payments.That means another bank has purchased your mortgage. The original lender should arrange to have an assignment of mortgage recorded in the land records to make the assignment legal. As long as you make your payments on time you shouldn't suffer any effects except a change in the address where you send your payments.
Your credit report has two creditors with the same credit card number?
usually this is because the original lender sold the account to a new lender which takes on the loan/debt, but the paper trail is still left on a persons credit report. If a company goes out of business they also liquidate their assets/accounts to another creditor. It also can be because the person did not pay on the account and it was sold to another creditor or a collection company. The most rare case would be that there is a mistake on a persons credit file and should contact the credit report company.
Can a investigator call you about a payday loan?
Yes, if he or she is acting on the behalf of the creditor/lender.
What date starts the 7-year limit on a credit report?
depending on the creditor there is no time limit on bad credit reporting because when the seven years come close the creditor can sell your debt to another lender and the seven years start over
Does a lender keep a record of debts passed on for collection?
It is considered a "write off"; which benefits the original creditor due to financial loss. Some creditors will keep your original information, and others simply give up those rights to third party collection agency. Once a payment is made, they notify the original creditor that your account was paid off in full in order to update this informaiton with the bureaus that they are reporting with.
