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lucyricardo

Lender is requesting I settle with Sherman, HELP PLEASE!

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I really, really need advice on this so please someone, help me! I have a 4+ year old Sherman charge-off (now LVNV funding), DOLA spring 2001. I am buying some new real estate and they are requesting it be paid off when escrow closes. The deal is, the amount they say I owe is around $4000. My lender said, as long as I have the escrow company cut a check to them, it will be considered paid and then, I just don't have to mail it in. I am trying to prevent the DOLA from starting over when it's paid and then showing a PAID COLLECTION on my CR's.

My question is this: Should I try to negotiate with Sherman for a lesser amount and then ask them to write a letter stating the amount and that once it's paid, they will remove it from my CR's? OR, do they not do this?

Or, do I negotiate a lesser amount and then just not send it in like my lender suggested. I do not want to pay it to them unless they will remove it from my reports.

AND, if I were to negotiate with them, how do I go about doing it? I had tried DV with them last summer and after four months and countless letters got an Affadavit of Debt as their "proof". What will their actions be considering it's 4+ years old? I have addresses in three states on my CR's and the statue of limitations has already expired in two states. The one I lived in when I GOT the card, is still active but the state I lived in when I defaulted on the card has expired.

PLEASE, PLEASE, help!! Thank you so much in advance :-)

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What state are you in? Form a corp and start buying RE in the corp name from now on.

You are talking about a PFD arrangement, which is possible but the CA's hate to do it. It helps if you have them on some violations...

The affadavits are worthless. Dispute them, and me personally, I would sue them for false or misleading representation. That might get them in the settling/pfd mood.

You have to go to court or take steps in that direction.

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When I bought my home several years ago I had a few CO they wanted me to pay. I didn't know who these companies represented . Every number I had for them was disconnected, so the closing company just had me hold the checks several months then had me bring them in and write a statement up that they nor I could locate these agencies so they stopped payment on them and cut a new check to me. They have never contacted me since has been 4 years!

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when we settled on our mortgage, the lender accepted a letter stating that the debt was disputed with sherman and that they refused to provide any proof that the debt belonged to dw. try talking to the lender and explain the circumstances , especially the nature of sherman and how they just harass people with nothing more than a computer printout to prove the alleged debtor owes them money. you may have to show them the dv letters and cmrrr's. it's worth a try rather than deal with those scum sucking bottom feeders.

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It's not the lender, or the broker, who needs to comply with this tactic; it's the title company. The Title company, or RE attorney who closes your loan, is the one who cuts the checks. So, you need a cooperative Title person, or RE attn. to give you those checks, then be willing to re-cut them to you after a certain period of time. Ask your broker if this is possible. My broker owns a Title company, so this is no biggie. But not everyone has such a set up.

Your primary focus has to be to close your mortgage loan. So deal with the collection in the manner which serves your goals and priorities. If you have to pay this collection, then settling for less than full balance may be worth it to you. If you can find cooperation and not have to actually forward the check, then you can work on your credit and try for a PFD later. The other option is for the broker to request an exception for that particular requirement {paying this collection} from the lender. This may fly on a 4-yr-old collection. Most lenders only requires collections be paid that are dated within the last 24 mos. You have an even better chance of this is everything else in your loan file is gravy. Good luck!

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