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problem with Great Lakes collections services............


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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?

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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.

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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 home

2) Refi and settle their demands

3) File a Chapter 13 bankruptcy

You 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.

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