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Rebuilding Help Please

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ednajen
New Contributor

Rebuilding Help Please

Hi all,

 

I was hoping someone could offer some advice...I was going through my parents credit report and I saw multiple lates from their mortgage company (Chase).  I asked my father how this happened and he explained that they were on a trial mortgage modification for eight months.  For those eight months, they had a lowered mortgage payment.  However, after eight months, their mortgage modifiication request was not approved.  Their payments went back to normal, however they were issued multiple lates on their credit report as a result.  I believe this lates were for the time they were on the modification trial because they did not pay their normal amount.

 

Can someone please share some advice on how to go about disputing this?  Should I dispute each late with the credit bureaus or should I write their mortgage company to explain the lates?  Please help, I feel really bad for my parents and I feel they were scammed.

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tufa4311
Established Contributor

Re: Rebuilding Help Please

I don't know anything about trial mortgage modification requests but, that said, the first thing you need to determine is why the company is reporting these payments as late. I wouldn't start with a dispute - you have no idea what you are disputing yet. This should not be hard - get out the credit report, highlight the dates of the lates, then call the company and go through these with them one at a time. If there is a late in Jan, ask them about it, ask them when the due date was, when the payment was made, what the due amount was and what the payment amount was. With this you have a starting point to determine if there is an issue or not. Once you have this info confirm with your parents if those numbers look correct to them.

 

If all this info leads your parents to say that, yes, they made those less than full payments but they made them based on some agreement they have with the company well the next step is to contact the company back and ask them about that. Was thier a written agreement that came with this modification? Did they get monthly mail confirmation of payments? If so, did those statements show anything being past due? Do the "amount due" on the statements reflect the amount your parents agreed to based onthe mod?

I find it hard to believe that their was an agreemtn to modify the payments without a written statement of some kind confirming this - even if it is just the standard monthly statements - they shold list what is actully due on that statement for that month.

 

You need to know answers to these questions before a dispute is considered. Once you get this info, go forward from there.

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