I recently posted about this: ************************************************ I had a used mobile home in 2004 in a mobile home park, not attached to land. in May 2004 after being unable to keep up the payments on it I called the finance company. I tried to work out a payment plan but they would not work with me. So I surrendered the mobile home and moved out because I knew they would repossess it. They came and moved it sometime later. After a period of time I received a cancellation of debt on it stating it was sold for what was owed. I received no further contact from them. On my taxes it showed as personal property. ***************************************************** Ok it shows on my equifax report as balance of 37K and a past due of 4K which evidently works out to exactly 8 payments of 479 they charged me from 4/04-11/04 and acct shows last activity of 12/04. I called the finance company in 5/04 and after being unable to work anything out I told them I would have to give the mobile home up. I moved out the end of 5/04 after calling the finance company and informing them and turning the key over to the park managers. I don't know exactly when they picked up the mobile home since I had to move out of town and in with family. I never heard anything from them till I received the letter of cancellation of the debt and have heard nothing since then whatsoever. I have been trying for a FHA loan and the lender fears this will be considered as a foreclosure. I just received a message from thier credit agency wanting to set up a conference call with the finance company to try to clear this debt up. Will this awaken a sleeping giant? Will they say I owe the 4K even if I wasn't notified of it? I thought when I received the cancellation of debt it was finished. Was I wrong? It is still within Texas SOL thats what scares me. Please? any advice? Tegleg
First, if you have a formal "Cancellation of Debt", then you are covered. Secondly, if they did "sell for what you owed", then there is no basis for a "past due". It sounds like your credit reports were never updated, but...they will still show the history up to the point of surrender of the mobile home. So, if the "late payments" are for the time AFTER you surrendered the mobile home, this is an error, and you should dispute with the CRA. Based on the information you've provided, I would say that you have no worries about owing anything. As to how it's reported on your credit reports, that's another situation. On the conference call, I would ask "how they are reporting it", and ask specifically if they are classifying this as a "foreclosure" or repossession". Do not be afraid to ask for removal/elimination of any negative reporting. State how this has caused you hardship with incorrect reporting, etc. Do not be afraid to ask for a letter staing this was not a "foreclosure", (to provide to your new mortgage lender). I know it is very difficult to try and take a position of strength in these situations, but you must try to. You have nothing to lose by asking for something, and only everything to gain. You will be amazed what people will do when simply asked. I've watched your posts, and you are learning and gaining confidence, now put it to use at the next level! You can do it! If you are unclear about anything, please post any questions.
Thank you, thank you! I was so confused and afraid of making a mistake. When I pulled my credit reports in 2/07, pulled Experian first, I noticed this debt listed and saw the balance was incorrect, I disputed it with Exp at that time and it was deleted a month later. My guess was lack of verification. I disputed it with Equifax 3/2/04 and it has not been verified or updated yet, it's now been 30 days, I posted about this earlier. You advised me to wait a bit and see what happens. Then I get the phone call message from the credit agency that works with the lender I am corresponding with. That threw me for a loop when I heard they wanted a conference call with that finance company. I feel better now. I will update as soon as the credit agency gal calls me back, why do people have to eat lunch anyhow? lol, Tegleg
Take a deep breath and organize yourself for the conference call. Write down all the points you want to cover, and write out all the questions and requests that you have. "All battles are won or lost before stepping onto the field-Tsun Zsu- "The Art of War". Keep detailed notes, and again, do not be afraid to ask for what you want!
Well thats a releif! I called the lady back just now that works for the credit agency that the lender uses. I figured she had to be back from lunch after 2 hours! She said that a conference call was not needed, she said shortly after she left that message with me the finance company called her back. They told her yes it was an installment account, not a mortgage, yes it was a cancelled debt and no balance was owed on it. YAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! They told her it would be updated and she has submitted the information back to the lender. I am SO releived, that has been a monkey on my back for a very very long time! Thank you for your help! Tegleg
