Need-Help-With-Credit Posted March 17, 2004 Report Share Posted March 17, 2004 I am having a problem with this CA Great Lakes Collections services. I am in the process of refinancing my home and in order to do so some credit agencies will need to be paid off. My problem is that Great Lakes has told me that if I was only rate and term refinancing they would be willing to settle the debit for less, but because I am doing a cash out refinance they will not settle with me they want payment in full. They are requiring a HUD in order to settle so there is no way I can get around them finding out that I am doing a cash out. They have tacked on so many fees and interest that is is ridiculous. The only reason I HAVE to pay is because there is a lien against title. Any suggestions on how to weel and deal or am I just screwed and need to pay? Link to comment Share on other sites More sharing options...
Methuss Posted March 17, 2004 Report Share Posted March 17, 2004 I am having a problem with this CA Great Lakes Collections services. I am in the process of refinancing my home and in order to do so some credit agencies will need to be paid off. My problem is that Great Lakes has told me that if I was only rate and term refinancing they would be willing to settle the debit for less, but because I am doing a cash out refinance they will not settle with me they want payment in full. They are requiring a HUD in order to settle so there is no way I can get around them finding out that I am doing a cash out. They have tacked on so many fees and interest that is is ridiculous. The only reason I HAVE to pay is because there is a lien against title. Any suggestions on how to weel and deal or am I just screwed and need to pay?Tough one. You can still DV them and make them provide a full accounting. I'll bet many of those "fees" are illegal. It's hard to get out from under a lien. You'd need to find some evidence that they are abusing the court's good graces (bogus fees are a good reason) and have the court overturn it. Link to comment Share on other sites More sharing options...
ghacorp Posted March 18, 2004 Report Share Posted March 18, 2004 You don't have much leverage with this one. Apparently they sued you, obtained a judgment, then placed a lien on your property. Whomever owns the debt would not legally have to answer a DV as they've legally already proven their case. You probably realistically have three options:1) Do not refinance your home2) Refi and settle their demands3) File a Chapter 13 bankruptcyYou should not be in a rush to refi as interest rates will not be going up appreciably anytime soon. You could also place the refi on hold, consult an attorney and explore other possible scenarios. Link to comment Share on other sites More sharing options...
flacorps Posted March 18, 2004 Report Share Posted March 18, 2004 Any chance of doing a "rate and term" first, then following up with a home equity line or other product? Link to comment Share on other sites More sharing options...
Need-Help-With-Credit Posted March 19, 2004 Author Report Share Posted March 19, 2004 Thank you for all your suggestions... unfortunatly I can not wait to refi nor can I do a rate and term first then refi later for a cash out. I have obligations that I need the cash for. I guess I will have to pay them, but at least my credit will start to improve!! Link to comment Share on other sites More sharing options...
DocDon Posted March 20, 2004 Report Share Posted March 20, 2004 Don't forget to check your state laws regarding the interest and penalties CA's are allowed to charge you. Link to comment Share on other sites More sharing options...
Recommended Posts