Question about banks buying banks - who is OC?

[jellybird 2]

HI All,

 

I've been getting so much help out of this forum. Like many, I was hit hard by the economic crisis. I had a number of investment properties that turned sour and had to let them go. Thanks to the advice here, I've already gotten 3 foreclosures removed from my reports because the bank never responded to the CRAs.

 

So, I have a few second mortgages that I am working on getting off my reports next. So, here is my question. BOA purchased the horrid Countrywide and PNC bought not-quite as horrid National City. CW and NC were my OCs. So, are BOA and PNC CAs or are they OCs?

 

Anyone dealt with this situation?

 

Thanks!

[willingtocope 1,336]

You'd have to read the original contracts to be certain...there may be some language covering this...but technically, if the loans were in default when boa and pnc bought them, that makes them junk debt buyers...not CAs.

[jellybird 2]

That's interesting. So, in following steps for credit repair regarding junk debt buyers, is it the same as CAs?

 

Thanks!

[willingtocope 1,336]

Difficult to answer.  Again, it depends on the language in your original contract. Try disputing them as "not mine" with the CRAs and see if anybody responds.

[jellybird 2]

I did that and got 3 foreclosures removed that way. There are still the seconds. I found this methodology, which I think looks like a good approach since I seriously doubt PNC has the original note. I had another bank buyer try to take me to court and they could not produce anything original:

 

http://www.justanswer.com/real-estate-law/5r44t-defaulted-1st-2nd-mortgage-sept-07-first.html

 

What do you think?

[jellybird 2]

This is almost the same methodology: http://www.creditinfocenter.com/repair/MethodOfVerification.shtml

[willingtocope 1,336]

That's the stuff....

[admin 902]

And I just updated the page!

[jellybird 2]

Thank YOU!!

[jellybird 2]

Ok - working on these a little at a time. One is a debt that has been purchased by a CA.

 

I just got the "verification" of the debt from the CRA. I also sent a letter to the CA requesting documentation (i.e. the promissary note) for the original debt.

 

My next step will be to call the CRA and ask how it was verified. My assumption is that it will have been through e-oscar and that they don't have documentation. 

 

So, in terms of next steps do I then wait for the CA to contact me? I didn't write to them within 30 days of the original notice. Or, now that I have the info from the CRA, can I call them without them resetting the SOL.

 

All advice appreciated.

 

Thanks!

[admin 902]

@jellybird - 623 method is your next ticket.  

[jellybird 2]

I think I'm stuck on the next steps because of the bank buyouts. The CA listed on the tradelines is Realtime Resolutions. They got the alleged debt from Bank of America. BoA inherted it from Countrywide. So, since CW no longer exists, do I call BofA?

 

That said, the CRAs all have conflicting numbers on this account:

 

Experian has the April results as:

 

Date opened: 8/19/2006

Monthly payment: $216

Recent balance: $28,938

Past Due: $11,010

 

In contrast, Equifax has its April results as:

 

Date opened: Oct 2006

Scheduled payment amount: $522

Balance amount: $34,927

Past Due: $8,077

 

And Transunion April listing:
 

Date opened: 8/10/2006

Scheduled payment amount: $522

Balance amount: $34,927

Past Due: $9,006

 

 

These are for the same account #, but very conflicting. Advise?

 

Thanks!

[admin 902]

You could call B of A, but I doubt that will do very much, they will refer you to the CA.  You can do the 623 method on the CA, is that who you say has listed you in your above post?

 

You can also do the 623 method to BofA.  I think you're outside the SOL.  

[jellybird 2]

Ok - I have already sent a letter to the CA. It was more in alignment with a Debt Validation letter. It was sent out 4/3/13, so I hopefully will be hearing from them soon. If not, I'll send a letter using 623.

 

Thanks

[admin 902]

Welcome!

[jellybird 2]

WOOOOOOOOOO-HOOOOOOOOOOOOOOOOOOOOO!!!   ::punk:: ::punk:: :yahoo: :yahoo:

 

I just got a letter from Real Time Resolutions and it says:

 

"This is in response to your written inquiry received on April 23, 2013. The above-referenced account is currently being removed from our active collections database. We have sent a request to the credit reporting agencies to have our trade line removed from our active collections database. w have sent a request to the credit reporting agencies to have our trande line removed, as indicated by the enclosed Universal Data Form. Effective immediately. Real Time Resolutions will cease all communications regarding the collection of this account!"

 

F*@# Yeah! This makes 3 foreclosures and 1 second mort removed from my credit reports, as well as one account that I found mistakenly listed even though I paid on time (called them and asked them to fix). I also had a court case for a second mort. dismissed. And it's all thanks to the amazingly helpful information on the Internet (here and on other helpful sites like Loansafe.com)

 

I've still got some big ones, but I am feeling increasingly confident that I can get almost all of them removed.

 

Thanks all!

[admin 902]