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cali01
Posts: 10
Registered: ‎10-03-2008
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How to remove 30-day late payment: mortgage company closed, any suggestions, GW letter?

Maybe somebody has had similar experience or has suggestions for my story:

 

I have had a mortgage with Greenpoint (part of Capital One and ceased operations in 2007) for a rental property since 2005. Paid everything on time until a long trip overseas and a misunderstanding with an online payment put a 30-day late payment in my credit report. I have had 0 late payments in the past 7 years, this is the first and only one and dropped my credit score about 50 points. I have tried to reason with Greenpoint and explain the situation (which is partially their fault), but they kinda run on an autopilot and are not willing to discuss anything.

 

Any suggestions? Would a GW letter help?

 

I appreciate all the thoughts and suggestions!

 

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ssstevie
Posts: 78
Registered: ‎07-17-2008
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Re: How to remove 30-day late payment: mortgage company closed, any suggestions, GW letter?

Have you spoken with someone in upper management?  If not, definitely do so, while explaining the situation in a very tactful manner.  Speaking of which, exactly what is the situation?  How did the lateness occur, and how were they possibly at fault?

 

If they are arrogant and will not fix (granted, it's actually at least partially their fault), and you have been friendly and honest, there is nothing that gets folks moving like an intent to sue.  I hate to go this far, but, you have gotta do what you've gotta do, and usually, they won't wanna spend all the money in attorneys fees, etc., for something so small, and will resolve the issue.  But, this is last resort...

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treski
Posts: 343
Registered: ‎09-01-2008
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Re: How to remove 30-day late payment: mortgage company closed, any suggestions, GW letter?

I would definitely keep calling them!!!!!

 

 

 

 

 

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marty56
Posts: 5,679
Registered: ‎10-06-2007
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Re: How to remove 30-day late payment: mortgage company closed, any suggestions, GW letter?


ssstevie wrote:

If they are arrogant and will not fix (granted, it's actually at least partially their fault), and you have been friendly and honest, there is nothing that gets folks moving like an intent to sue.  I hate to go this far, but, you have gotta do what you've gotta do, and usually, they won't wanna spend all the money in attorneys fees, etc., for something so small, and will resolve the issue.  But, this is last resort...


 

Does anyone here think doing this will actually solve anything?  I doubt they would even find a judge stupid enough to allow this case to be heard.  Just keep sending GW letters and calling  (being nice and humble) or just suck it up.  IN 2 years it will be a mute point anyway.

09/12/2013 FICO: EQ: 772 EX:813 TU:752
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deemac
Posts: 388
Registered: ‎09-09-2008
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Re: How to remove 30-day late payment: mortgage company closed, any suggestions, GW letter?

Don't give up. I've got two accounts with Chrysler. One had a 30 day late for the very first payment.  Someone entered my zip code wrong so I never got any statements. I called them a couple times trying to get a statement mailed out and never received one. My fault because I did know about when it was due, but had a lot going on and without a paper reminder and an account number, I just blew it. I made an online payment on about day 32, and the first person I talked to was an arrogant jerk. I finally resigned myself and let it go.

 

A bit over a year later I had a problem with the other account. I had scheduled an online payment, but for some reason it hadn't gone through. I don't know if I missed a "confirm" button or what, but I had tried to send it. (To make it worse, for the preceeding 6-8 months my payments had been running about 20 days late. Got behind and just couldn't get a double payment to catch up.) Anyway, that one was also a couple days past the 30 day mark when I talked to a collections rep for Chrysler. I explained that I had set up the payment online and had no idea what had happened. He cheerfully took the payment, waived the late fee, and assured me that it wouldn't be reported as 30 days late. Since I had someone so accommodating, I asked him about the other one, explaining what had happened. He removed that one from my reports as well!

 

So, apparently who you get on the phone can make a huge difference!

Member
cali01
Posts: 10
Registered: ‎10-03-2008
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Re: How to remove 30-day late payment: mortgage company closed, any suggestions, GW letter?

I tried calling and talking to a supervisor. Nobody cares, nobody tries to be helpful or understanding. Since the company is belly up and was closed in 2007, they only take in payments and have ceased all other operations for more than a year now. We had a lawyer send them a letter as well, but they say it was 30-days late and it was reported automatically and no other info or effort to explain or solve the issue. They don't care about unhappy customers, since they are not going to get any new business from anywhere anyways.

 

We talked to our lawyer about suing them as well. His take was that since they are bankrupt, it is really hard to sue them and find a counterparty. They probably have all kinds of lawsuits piled up and don't care about another one adding.

 

The reason it's partially their fault:

I planned a long trip overseas. A month in advance I signed up for their online payment system. Made first payment, everything is fine. Made a second one few days before the trip, everything seemed fine, received a monthly mortgage statement saying the payment has been received and applied. Left the country relying on that info. Came back 6 weeks later: another statement was mailed few days after I left the country saying that the payment has been reversed for NSF. Made the payment again the day I got back. When asked for explanation (because funds were sufficient) they said the routing# was incorrect. The problem is though that I only entered the checking account info the first time for the payment. Second time just clicked the submit the payment button assuming the info was stored in the system. Well something got messed up somewhere. I know my routing# and know that I did not enter it wrong (it has happened twice btw.)

 

So here I am, my scores are around 650 because of this. I have few properties and was planning to make another purchase, but with a score under 680 and a late mortgage payment in you record, nobody will give me a mortgage for an investment property. What do I do???

 

And GW letter to a bankrupt company!? Do you think there is any hope?

 

I did send dispute letters and all the supporting docs to all 3 credit reporting agencies provin my point, that I was misled with the statements and had sufficient funds at all times. Have not heard back from them yet. Can credit reporting companies remove the late payment? It's the one and only late in past 7 years. It happened in July'08 and everything after that is up to date as well.

Member
cali01
Posts: 10
Registered: ‎10-03-2008
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Re: How to remove 30-day late payment: mortgage company closed, any suggestions, GW letter?

Also, I've checked my scores from myFico and Truecredit.

 

The score from myFico: TU 629; EQ 667; EX 615

From Truecredit: TU 678; EQ 657; EX 653

 

I pulled myFico scores yesterday, Truecredit today. They are significantly different. EQ seems to be pretty stable, but why such a difference in TU and EX???  Which ones are lenders more likely to see? What to make of this?

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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: How to remove 30-day late payment: mortgage company closed, any suggestions, GW letter?

TrueCredit scores, along with those directly from TransUnion and Experian and from other credit monitoring services, are FAKO's.

They are generated from completely different formulas than the FICO formulas, so any similarity between scores is coincidental.

Some people watch them in hopes that if they see a change there, it indicates a change on the real thing, but it often doesn't happen.

Just stick with your FICO scores and your TrueCredit reports.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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cali01
Posts: 10
Registered: ‎10-03-2008
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Re: How to remove 30-day late payment: mortgage company closed, any suggestions, GW letter?

Dear haulingthescoreup,

 

Thanks for the explanation, I will stick with the FICO scores then. They are differ from each other as well. The only thing different is that EQ reports my HELOC as secured line of credit, whil the other two repor it as revolving. My HELOC was used only 50% until the bank decided that the property values have declined and they will reduce my HELOC by 40%. So it tanked my score by another 30-40 points, because TU and EX are reporting it as revolving and now it looks like I used 90% of it since the line was reduced. While in reality I have not taken any money out in the past couple years. This really sucks. To go down from 700's to almost 100 points in the matter of 2 months.

 

Any ideas on the original topic as well? The 30-day late is really killing me.

 

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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: How to remove 30-day late payment: mortgage company closed, any suggestions, GW letter?


cali01 wrote:

Dear haulingthescoreup,

 

Thanks for the explanation, I will stick with the FICO scores then. They are differ from each other as well. The only thing different is that EQ reports my HELOC as secured line of credit, whil the other two repor it as revolving. My HELOC was used only 50% until the bank decided that the property values have declined and they will reduce my HELOC by 40%. So it tanked my score by another 30-40 points, because TU and EX are reporting it as revolving and now it looks like I used 90% of it since the line was reduced. While in reality I have not taken any money out in the past couple years. This really sucks. To go down from 700's to almost 100 points in the matter of 2 months.

 

Any ideas on the original topic as well? The 30-day late is really killing me.

 


Well, that stinks, both problems. :smileymad:

Under a certain figure, HELOC's do report as revolving, and if you've been using it, it looks like a high-util CC. What was the CL before, and what is it now?

As for the late, that's a mess. You can try GW'ing whatever is left of the original lender, and Cap1 (if I read correctly, and they took it off.) Sort of a reach, but if it's now Cap1's baby, you could try to find their public relations department, and see if you can get anywhere with that. Another option is Planet Feedback, a scary little website where people post e-mails that they send to top executives at various companies.

I doubt that the CRA's will remove it on their own, though. :smileysad:

What is the date reported for the late? I got that 50-point killer once, too, but it starts fading reasonably quickly, if it was your only baddie. And as someone (marty?) mentioned above, once a 30 goes over 2 years old, its effect is negligible.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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