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andrealynn1974
Posts: 5
Registered: ‎03-29-2014
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Re: how to keep a previous lender for soft checking my credit?

Actually this helps me a lot. The property was located in Georgia but. I live in Florida. Ill check into the Florida deficiency laws as well.
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JAY305
Posts: 276
Registered: ‎10-10-2012
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Re: how to keep a previous lender for soft checking my credit?

[ Edited ]

andrealynn1974 wrote:
Actually this helps me a lot. The property was located in Georgia but. I live in Florida. Ill check into the Florida deficiency laws as well.

I am not certain if we are able to promote other websites here.  But, I used http://www.avvo.com to begin my research.  Supposedly, this website is a legal forum monitored by legal experts who voluntarily respond to inquiries in an attempt to solict your business.  All of the advice that I got about the first mortgage was consistent.  However, the legal experts had different opinions when it came to the second mortgage.  

 

For my situation pertaining to the second mortgage; I found an attorney who had a lot of experience in real estate law for guidance.  His sole advice was "don't poke the bear" as the laws were not clear.  For that reason, I did not dispute any information on my credit reports as reported by my lender.  

 

The accounts were removed from my Experian and TransUnion reports this month.  Sadly, they are still reporting on Equifax.  It bothers me that Equifax doesn't list the date when the accounts will be deleted  similar to EX and TU.  I have used EQ's online chat as well as customer service to ask when the account will be removed.  Notably, I have gotten varying answers.  Some representatives stated 7 years from date of last activity, some stated 7 years from date of first major delinquency, some said 7 years from the last payment date, while some said it would be 7 years from date of first delinquency.  I am now patiently waiting for the info to be removed from EQ.

 

 

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RobertEG
Posts: 17,456
Registered: ‎03-19-2007
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Re: how to keep a previous lender for soft checking my credit?

Once a debt has been fully satisfied, there is no debt to continue any collection upon.  Thus, they would no longer have permissible purpose.

 

There is a remote possibility that a debt collector could assert that payment, while accepted as satisfaction of the debt by the OC, does not cover an additional amount authorized to them as a debt collector above that of the debt due the OC.

They would have to provide some basis under your state law permitting such amounts, or else it would be a violation of FDCPA 808(1), which states that a debt collector cannot collect any amount not specifically authorized in the account agrreement that created the debt or is otherwise authorized by law.

 

They could possibly continue to attempt collection of that amount, and assert continued permissible purpose based on a debt now owed separeately and only to them.

A very rare situation, but possible......

 

If, when paying the debt, they agreed that it was full satisfaction of any and all debt, they could not assert any remaining debt.

When the debt was paid, did the debt collector update their collection to show $0 balance remaining under collection?  If so, that is there statement that they assert no remaining debt, and would thus terminate any permissible purpose for obtaining your credit report.

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JAY305
Posts: 276
Registered: ‎10-10-2012
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Re: how to keep a previous lender for soft checking my credit?


RobertEG wrote:

Once a debt has been fully satisfied, there is no debt to continue any collection upon.  Thus, they would no longer have permissible purpose.

 

There is a remote possibility that a debt collector could assert that payment, while accepted as satisfaction of the debt by the OC, does not cover an additional amount authorized to them as a debt collector above that of the debt due the OC.

They would have to provide some basis under your state law permitting such amounts, or else it would be a violation of FDCPA 808(1), which states that a debt collector cannot collect any amount not specifically authorized in the account agrreement that created the debt or is otherwise authorized by law.

 

They could possibly continue to attempt collection of that amount, and assert continued permissible purpose based on a debt now owed separeately and only to them.

A very rare situation, but possible......

 

If, when paying the debt, they agreed that it was full satisfaction of any and all debt, they could not assert any remaining debt.

When the debt was paid, did the debt collector update their collection to show $0 balance remaining under collection?  If so, that is there statement that they assert no remaining debt, and would thus terminate any permissible purpose for obtaining your credit report.


 

WIth my situation - the first mortgage was updated to reflect a $0.00 balance.  However, the second mortgage continues to report a balance.  

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