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About Ratrace

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  1. Thank you for the response and I will definitely be contacting a consumer attorney to find out about options! I have searched back through emails and at no time was it ever indicated that the shortfall amount from the home sale would be reported as "charged off/bad debt". I also made a list of other information I found by searching through my husband's emails with the bank. We never received a copy of the contract stating what the payment was or the due date. My husband has repeatedly asked for two years for a statement or notice and we have yet to receive anything of the sort
  2. We did sign loan papers for the remaining balance. We have not missed a payment on the loan for the shortfall after the sale of the house. We have never gotten statements or notices for the loan. We just send them the amount that we were told when we in and signed the loan papers. They are reporting the loan as a "bad debt/charge off". We owed $475,000 on our house which we were only able to sell for $425,000. The local bank which held the mortgage in-house refused a short sale (they told our attorney bc we were self-employed, they felt we had the money a
  3. In 2014, we found a buyer for our home but the bank refused a short sale and insisted we sign for a loan for the remainder. We did not receive copies of loan papers nor do we ever receive a statement from the bank and yet we have never missed a monthly payment. Now we find out they are reporting to the credit agency that this account is a "charge-off". Am I missing something? We had discussed bankruptcy but wanted to try and avoid it if at all possible- if they are going to report it as a charge-off, we are ready to stop making payments and bankrupt this loan. Any thoughts or adv