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Ok I took out a loan in 1991 (cant lie about it), But this is my situation, I defaulted a few yearsa ago on it and since then it has changed hands 3 or four times with different Collection agencys. Now its with a new agency and they are reporting this loan as a forclosure on my credit report. How can they do this. It has since gotten me turned down for loans, just because of the fact that its reported as a bad mortage. What can I do if anything?

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I received and SBA loan right after hurricane Andrew in Sept 1992. Since then it has been sold a few times. Last time I paid anything on it was back in 2002. As I said before it has been sold a few time and I get letters all the time from Real Time solutions (collection agency). But it was an emergency relief loan and not a mortage. It has been reported for the last couple of months as a forclosure by the above company. I have never had a mortage in my name, I have always rented. I was told I can sue them for defemation, but dont know what I can really do. I am currently typing a letter to them stating that they need to remove this from my credit. Am I right in doing so. Can I sue them? What should my next step be?

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I have gotten this type of loan for flood damage to real estate. Mine was secured and now paid off. These are SBA loans and as such are government loans which I will bet has now been turned into a judgment/lien. It will follow you a long long time. You should call the SBA for details about your loan and what you can do.

SBA Answer Desk

6302 Fairview Road, Suite 300

Charlotte, North Carolina 28210

1-800-U-ASK-SBA (1-800-827-5722)

Send e-mails to: answerdesk@sba.gov

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Ok this loan was not secured and no tax lein was ever put on it. The company is reporting it as a mortage and at no time was anything in this loan secured. This is why Im fustrated cause its been well over 15 years and dont know why a company would show it as a forclosure if it was not secured by anything at all. It was an emergancy loan right after Andrew and was for nothing other then to help us get back on our feet,as a matter of fact when SBA put it on my credit report it was not even reported as a mortage. What can I do since this is not a mortage loan and it has changed hands many times?

:confused:

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Ok this loan was not secured and no tax lein was ever put on it. The company is reporting it as a mortage and at no time was anything in this loan secured. This is why Im fustrated cause its been well over 15 years and dont know why a company would show it as a forclosure if it was not secured by anything at all. It was an emergancy loan right after Andrew and was for nothing other then to help us get back on our feet,as a matter of fact when SBA put it on my credit report it was not even reported as a mortage. What can I do since this is not a mortage loan and it has changed hands many times?

:confused:

Start with a dispute to the CRA's. Dispute the fact that it is not a mortgage loan with the CRA's and send the CA a VOD letter. BTW - they don't need to foreclose on anything to get a lien. All SBA loans are guaranteed by the government. If the government had to pay the lender, they will be looking for their money back. You are lucky they haven't made the connection yet.

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I just sent out certified return receipt mail to the company thanks to creditinfocenter.com this is the letter I sent to them:

June 13, 2001

Your Name

123 Your Street Address

Your City, ST 01234

ABC Collections

123 NotOnYourLife Ave

Chicago, IL

Date

Re: Acct # XXXX-XXXX-XXXX-XXXX

To Whom It May Concern:

This letter is being sent to you in response to a notice sent to me on September 30, 2002). Be advised that this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (B) that your claim is disputed and validation is requested.

This is NOT a request for “verification” or proof of my mailing address, but a request for VALIDATION made pursuant to the above named Title and Section. I respectfully request that your offices provide me with competent evidence that I have any legal obligation to pay you.

Please provide me with the following:

What the money you say I owe is for;

Explain and show me how you calculated what you say I owe;

Provide me with copies of any papers that show I agreed to pay what you say I owe;

Provide a verification or copy of any judgment if applicable;

Identify the original creditor;

Prove the Statute of Limitations has not expired on this account

Show me that you are licensed to collect in my state

Provide me with your license numbers and Registered Agent

At this time I will also inform you that if your offices have reported invalidated information to any of the 3 major Credit Bureau’s (Equifax, Experian or TransUnion) this action might constitute fraud under both Federal and State Laws. Due to this fact, if any negative mark is found on any of my credit reports by your company or the company that you represent I will not hesitate in bringing legal action against you for the following:

Violation of the Fair Credit Reporting Act

Violation of the Fair Debt Collection Practices Act

Defamation of Character

If your offices are able to provide the proper documentation as requested in the following Declaration, I will require at least 30 days to investigate this information and during such time all collection activity must cease and desist.

Also during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel for suit. This includes any listing any information to a credit reporting repository that could be inaccurate or invalidated or verifying an account as accurate when in fact there is no provided proof that it is.

If your offices fail to respond to this validation request within 30 days from the date of your receipt, all references to this account must be deleted and completely removed from my credit file and a copy of such deletion request shall be sent to me immediately.

I would also like to request, in writing, that no telephone contact be made by your offices to my home or to my place of employment. If your offices attempt telephone communication with me, including but not limited to computer generated calls and calls or correspondence sent to or with any third parties, it will be considered harassment and I will have no choice but to file suit. All future communications with me MUST be done in writing and sent to the address noted in this letter by USPS.

It would be advisable that you assure that your records are in order before I am forced to take legal action. This is an attempt to correct your records, any information obtained shall be used for that purpose.

Best Regards,

Your Signature

Your Name

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The intial loan back in 92 was for $4000. Im not sure if this makes a difference but it is not enough to say a mortage on someones credit. Then again is never was. Funny thing about this whole thing is I was in the military off the coast of Former republic of Yugoslavia and my wife is the one that had signed the paper work for this. Aslo plz let me know if anyone knows if this letter will help me 8]

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The intial loan back in 92 was for $4000. Im not sure if this makes a difference but it is not enough to say a mortage on someones credit. Then again is never was. Funny thing about this whole thing is I was in the military off the coast of Former republic of Yugoslavia and my wife is the one that had signed the paper work for this. Aslo plz let me know if anyone knows if this letter will help me 8]

You need to go to http://www.sba.gov and read the stuff there on military loans. There is also a link to it from http://www.fema.gov

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Guest mikey

i was here for hurricane ivan and i know alot of people here who got SBA loans....and all of them were secured loans. the way they qualified for the loans was to show actual damage to a home or business and the money lent at a very low interest rate was to fix or replaced damages from storm. i am going to bet that if its anything like everyone here, that your loan was for your house and they have a lien of some sort on your property. it wasnt a gift like fema handouts in the form of living expenses for people who rented and were displaced. i am not calling anyone a liar, so back off posse.....i am just finding it hard to believe they gave loans out that were unsecured. alot of people didnt qualify for those loans because of income or lack of security colleteral.

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i was here for hurricane ivan and i know alot of people here who got SBA loans....and all of them were secured loans. the way they qualified for the loans was to show actual damage to a home or business and the money lent at a very low interest rate was to fix or replaced damages from storm. i am going to bet that if its anything like everyone here, that your loan was for your house and they have a lien of some sort on your property. it wasnt a gift like fema handouts in the form of living expenses for people who rented and were displaced. i am not calling anyone a liar, so back off posse.....i am just finding it hard to believe they gave loans out that were unsecured. alot of people didnt qualify for those loans because of income or lack of security colleteral.

Mikey, go to one of the links I posted and read about military and disaster loans. They can grant unsecured loans up to $40,000 for renters whether you find it hard to believe or not. FEMA handouts are altogether different and do not have to be repaid in most instances.

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I love ya hannah :lol: My wife was renting from my dad at that time and that is what happened we had gotten a low interest loan, to which I never paid it back :( . But since then I cant tell you how many times it change collectors hands, but its in one now that calls it a forclosure to which I never had a mortage or dont presently have one now. How is it possible that they call it a mortage? Well, I sent to letter to them to prove this to me dont know what my next step is but gonna keep fighting this. Cause I went to buy and car and was turned down because of this :oops:

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Guest mikey

hanna, next time, post your links...dont have a clue what links you are talking about. here is mine (cut and paste from SBA)...The below paragraph is straight from the Federal SBA Loan program's site.....

Loans over $10,000 have to be secured. We won't decline a loan just because you do not have enough collateral, but we do ask for whatever collateral is available. This means that after a loan is approved there are other steps you must take. Usually, the security consists of a first or second mortgage on the damaged real estate. After we approve the loan, we will tell you what documents are needed to close theloan. You return the loan-closing documents to us, we can order the checks. You will receive the money in installments as you need it to repair or replace the damage.

I understand your loan was for 4,000 but maybe it wouldnt have been approved unless something was used to secure it. I was living in my dads house as a renter and thus qualified for the FEMA assistance in the amount of 3,500 for personal loses in damages....the handouts i was talking about. that included rental assistance because the house was deemed unlivable for some time, loss to some clothing etc and we had damage to our car and didnt have full coverage.

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:confused: Ok no secured loan, loan under $10,000, my question which is what started this is can someone please tell me if I have a case against these people reporting it as a mortage? My wife nor I have ever signed anything stating it was a mortage. Can they legally report it as a loan, providing they have the origanal paper work (which I know will not have anything about a mortage)?:confused:
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:confused: Ok no secured loan, loan under $10,000, my question which is what started this is can someone please tell me if I have a case against these people reporting it as a mortage? My wife nor I have ever signed anything stating it was a mortage. Can they legally report it as a loan, providing they have the origanal paper work (which I know will not have anything about a mortage)?:confused:

One more time, daddy321. Call or write to the SBA. Even if the loan was sold, they will have the documentation. Then you can send whatever the necessary information is to the CRA's and the now CA/JDB to dispute this reporting. If it's not a mortgage, that is a violation. If it were me, I'd just file suit in federal court for reporting inaccurate information if they won't change the reporting after your disputes. This process will take some time as you want to dispute at least 3 times or until you get a notice from the CRA's of it being frivolous. Have you even disputed the TL yet? If not, do so today. You can do it online or by letter CMRRR which is best for a paper trail. Keep copies of all correspondance sent and received and keep your green cards. Post updates to this thread as you get them.

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hanna, next time, post your links...dont have a clue what links you are talking about. here is mine (cut and paste from SBA)...The below paragraph is straight from the Federal SBA Loan program's site.....

Mikey, go back to the beginning of the thread and actually read it this time.

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Guest mikey
Mikey, go back to the beginning of the thread and actually read it this time.

I did read the whole thread, did you? the SBA loan is not a EMERGENCY RELIEF loan as stated....

from the SBA site:

The SBA disaster relief program is not an immediate emergency relief program such as Red Cross assistance, temporary housing assistance, etc. It is a loan program to help you in your long-term rebuilding and repairing.

and if you read my entire post, i stated that while it requires loans over 10,000 to have colletral and i knew his was only 4,000, in some cases for even smaller loans, they had to show the ability to pay it back or the loan would be denied.

maybe not the same issue here, but try going to a car shop and get even minor work done and not pay for it. they can put a lien out on the car. my post was just stating that everyone i knew had major damages and required colletral because their damages were well over 10,000. SBA is a FEDERAL dept....I wouldnt want to mess with them...kinda like messing with the IRS. you will lose even if you think you are right....and you think any judge will side with you if this goes to court and he thinks a person is dodging a loan program that was there to help people and especially after all the fraud claims from katrina? think again.

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First of all, the date you GOT the loan is immaterial except to find the paperwork for EXACTLY what the terms were.

You defaulted in 2002, that means it will be on your reports until at least 2009/2010. If it was not a mortgage, then dispute that with the CRA as 'no such MORTGAGE loan ever taken'. Real Time Resolutions collects mostly mortgages, so that is likely why it's being reported as one.

Since it is incorrect, dispute it with the CRA but you have little or no grounds for a lawsuit at this point, especially if you have not gone thru the dispute process. As a GOV"T loan, there basically is NO SOL, it doesn't matter how many CA's it's been thru.

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I just sent letters and basicly, this is nothing that says anywhere that I had a mortage. SBA has had nothing to do with it for oever 14 years. Been sold 4 times. I just cant believe that this can be reported as a mortage, when its not. I just want to clear this off as a mortage. I have sent levels to all the CRA's and have sent a certified letter to the CA and not its just wait and see. I really beleive this can not be reported as a mortage. I have never had a mortage and dont have one now just because of this reporting. So time will tell and I will keep all informed,cause I really think a few here want to know about the end of this story. But I need to thank you guys and I have gotten some good info from you all. So keep posting and I wil do the same. Hopefully I will get my certified return receipt letters back soon.:roll:

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I received and SBA loan right after hurricane Andrew in Sept 1992. Since then it has been sold a few times. Last time I paid anything on it was back in 2002. As I said before it has been sold a few time and I get letters all the time from Real Time solutions (collection agency). But it was an emergency relief loan and not a mortage. It has been reported for the last couple of months as a forclosure by the above company. I have never had a mortage in my name, I have always rented. I was told I can sue them for defemation, but dont know what I can really do. I am currently typing a letter to them stating that they need to remove this from my credit. Am I right in doing so. Can I sue them? What should my next step be?

btw, how much did you actually pay on this $4,000 loan in ten years?

btw, its MORTGAGE.....and as i said before...its a FEDERAL LOAN....this will stay with you for LIFE....so if you ever get a "mortgage", be prepared for a visit from uncle sam asking for the keys (dont mess with the gov't...they will always win)

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It's not a MORTGAGE. If there is no paperwork to say its a MORTGAGE then impossible. But, untill I get a response back from the company, que sera, sera :?

i was calling attention to your spelling of it...not mortage...mortgage....lol

i'd rather have a JDB after me than a gov't fed collector.....they arent as nice and dont go away (plus, they can find you anywhere)

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