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Lender went bankrupt and now I can't find my loan!


chicadelcaribe
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I have a loan from My Rich Uncle from 2006 when I was an undergrad. I went right from undergrad to graduate school and I think I recall getting it deferred in early 2009 when I signed up for grad school. I am assuming I did that before they went bankrupt with MRU Holdings in 2009 but I'm not sure.

I just graduated my graduate program in May of 2011. A few days ago my fiance and I met with a mortgage lender to get pre-approved to buy a house; on my credit the loan from MRU Holdings came up.

It says "MRU Holdings" and my balance is about $9000. They reported a missed payment 1/12 and 2/12. My lender told me to fix this ASAP; call them up, pay the two month's payments I had missed, and try to get them to remove the negative things from my credit.

I was totally OK with doing this; I never received any bills in the mail from them (maybe because I have moved twice since 2006) but I cannot find where my loan is! MRU Holdings went bankrupt and has no contact information. I called Equifax and the guy on the phone told me they have no contact info on file for them either. He told me my only option was to dispute the report and then when they report me for missing March they can figure out where it is. Honestly I totally forgot about this loan completely until it turned up on my credit!

However, my lender told me that putting in a dispute will look really bad when I go to get a mortgage, and we already barely qualify for FHA and USDA loans. Is there any other way to find out where my loan is? I took out the loan obviously and will glady pay it if I knew where it was and who I needed to pay! Also, there is a co-payer on that loan (my mom) who is also trying to buy a house, so I'm assuming this is wrecking her credit too.

Any suggestions? :|

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I agree with 1stStep. The best course of action here would be to dispute the mark. It will do one of two things for you:

1) MRU has gone under and cannot provide the documents needed to verify its claim, thus it will be taken off your credit report completely

2) MRU Holdings (or its guarantor) will verify the the marks, giving you the ability to contact them to which you can explain the situation and get the marks removed.

Even in a bankruptcy, many private lenders are still able to receive payments for loans they have given out. TERI is a good example, as they filed in 2008 but just recently ceased to exist. Every TERI loan out there is still owed because they sold them to a bank in Boston.

The good definitely out-weighs the bad here as far as whether to dispute it or not. If nothing else, it will show that you are attacking the problem and not letting it be.

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Thank you both for your replies. My mortgage guy was checking into it for me but I think I will just dispute the charge. This is a dumb question probably... if the 1st scenario occurs and MRU cannot verify my loan, what happens to my loan? Does it disappear? And my mom would have to dispute it as well, right?

Does that mean I don't owe the money anymore? Thanks :)

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I see. So is disputing the charges the only way to find out the new company? I am (usually) really good about my bills so it's killing me that there is a bill out there that I'm not paying, but I don't even know where to start looking for it. And say there is a new company; why doesn't their name appear on my credit report? Just because the original loan was from MRU? I am such a newbie to all this stuff, thanks so much for your help!

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