Hunterwarfield Settlement...I need help NOW Please

[Wantmyhouse2013]

I am in the process of purchasing a home and this is the ONLY thing standing in my way of getting mortgage approval. My lease is up in August so getting approval for a mortgage is necessary so that I can start looking for a house and hopefully find a house or put an offer on something that I have already found that has not been snatched up dealing with the HW issue. Can someone help me with the situation? I am sending a settlement letter with payment to HW.

When they offered me a settlement I tried to accept the settlement and was told that they cannot accept payments for settlements unless it is drafted from my bank account, naturally I am not comfortable with that and have been advised not to all them access to my bank account. I have not called to discuss again because the person I spoke with was so nasty and rude that I only want to deal with them on paper.  They spent a month lying to me about sending me the settlement offer letter with the deletion information but the repeatedly said that they mailed it but it "must have gotten lost" or that my fax (which is an efax) is not working because they have confirmations of it being received at my fax number.

What I have done is drafted a settlement letter and with included certified funds for a few dollars more than the amount the offered to settle for originally. My letter states that if they cash the certified check they are agreeing to the settlement and will delete the account from my CR. I also had the bank write on the memo line "balance satisfied".  However,  I have been told that it may not be legal for me to do it this way and that they DON'T HAVE to delete or correct the account info.  Is this correct? What are my other options?

Also, I am not familiar with the acronyms that are used here. What is a GW letter? I see a few people stating that they have had success of deletion after sending the GW letter.

Thanks so much.

[Shogun]

Hello and welcome to the forums.

What you had drawn up on your cerfied funds is called a "conditonal endorsement".  It is legally binding in some states I believe, but most states it just doesn't hold water.

You could start with a simple PFD letter.  That's where you just send them a letter, dripping with niceness , stating you will pay if they will be so kind as to delete the information from your CR.

A GW is a Goodwill letter.  It's for paid accounts.  You would send that with a short story as to why you couldn't pay earlier, etc. and ask for their kindness. 

[DaBears]

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@Wantmyhouse2013 wrote:

I am in the process of purchasing a home and this is the ONLY thing standing in my way of getting mortgage approval. My lease is up in August so getting approval for a mortgage is necessary so that I can start looking for a house and hopefully find a house or put an offer on something that I have already found that has not been snatched up dealing with the HW issue. Can someone help me with the situation? I am sending a settlement letter with payment to HW.

When they offered me a settlement I tried to accept the settlement and was told that they cannot accept payments for settlements unless it is drafted from my bank account, naturally I am not comfortable with that and have been advised not to all them access to my bank account. I have not called to discuss again because the person I spoke with was so nasty and rude that I only want to deal with them on paper.  They spent a month lying to me about sending me the settlement offer letter with the deletion information but the repeatedly said that they mailed it but it "must have gotten lost" or that my fax (which is an efax) is not working because they have confirmations of it being received at my fax number.

What I have done is drafted a settlement letter and with included certified funds for a few dollars more than the amount the offered to settle for originally. My letter states that if they cash the certified check they are agreeing to the settlement and will delete the account from my CR. I also had the bank write on the memo line "balance satisfied".  However,  I have been told that it may not be legal for me to do it this way and that they DON'T HAVE to delete or correct the account info.  Is this correct? What are my other options?

Also, I am not familiar with the acronyms that are used here. What is a GW letter? I see a few people stating that they have had success of deletion after sending the GW letter.

Thanks so much.

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Hi wantmyhouse2013 and welcome to the forums. It is true they don't have to delete the trade line from your credit reports. However if you are paying in full it will look better to the underwriter showing it was paid in full rather than settled. A GW(Good Will) letter is used to ask in a polite and friendly way to seek removal of a paid debt. Me personally once the unpaid debt is Paid In Full I like to send GW letter in handwriting.

Community Leader,

DaBears 

[Wantmyhouse2013]

Thank you so much for your responses. I did look up information about "conditional endorsements" in my state, North Carolina, and it is legally binding. I really don't know what else to do. I have made so many attempts, before starting the home buying process to resolve the debt and I got no where. I even made attempts to work something out with the apartment complex but didn't have a $900 to shell out after being laid off due to my employers death.

I guess my question is should I send the letter with the payment and be sure to include super nice fluffy words and pray that it works out or send the letter first, call them to follow up and if they agree then send the funds via us mail?

[DaBears]

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@Wantmyhouse2013 wrote:

Thank you so much for your responses. I did look up information about "conditional endorsements" in my state, North Carolina, and it is legally binding. I really don't know what else to do. I have made so many attempts, before starting the home buying process to resolve the debt and I got no where. I even made attempts to work something out with the apartment complex but didn't have a $900 to shell out after being laid off due to my employers death.

I guess my question is should I send the letter with the payment and be sure to include super nice fluffy words and pray that it works out or send the letter first, call them to follow up and if they agree then send the funds via us mail?

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You can cause it put pressure on them since they will have a certified check in hand. Or you can send the PFD letter first and if they agree then send the certified check. Good luck and keep me posted....Crossing my fingers and hoping everything works out for you. You can always send me  PM if needed. 

Community Leader, 

DaBears

[Wantmyhouse2013]

I am going to send the letter with all the fluffy words and the certified funds, and hope for the best. They offered a settlement less than what I am sending at one time so, the hopefully they will not drag this out or try to demand more money becasue I really don't want to give them any more money than what is listed on the check.

I will update as soon as I get a response.

Where can I get a good example of a PFD letter? Do I have to pay the full amount to get a PFD?

[DaBears]

PFD is paying full amount of the debt to be deleted if they agree. 

[Wantmyhouse2013]

Okay, thanks so much for your feedback.

[DaBears]

Anytime and keep us posted!!!!! Good luck!!

Community Leader, 

DaBears