AboutCreditwrench Expertise Debt Collections law, Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), federal law, how to properly answer court summons for collection cases, how to prepare federal cases against debt collectors, how to deal with debt collection phone calls.
Experience I've been an active consumer advocate for more than 40 years and have helped hundreds of people win cases against debt collectors as well as helping them defeat demands for summary judgment lodged against them by banks, debt collectors and defeat mortgage foreclosures and keep their homes.
Education/Credentials Paralegal courses for the most part. I have been teaching people how to deal with judgments, mortgage foreclosures and other such problems both on and off the internet for many, many years. I am a Richard Cornforth information provider ever since 2000 and worked with many other organizations and causes since 1980. I was Oklahoma State Chairman for the nationwide drive to defeat the Constitutional Convention which was proposed by various factions within our federal government such as the Council of State Governments and the National Organization of State Governors who were working hard to organize a Constitutional Convention to be held in 1995 for the purpose of rewriting our American Constitution to be more acceptable to the United Nations. I worked with Senator Charles Duke of Colorado and Senator Don Rogers of California and many others across the nation to keep them from getting the number of delegate states required to lawfully hold a Con-Con and we were successful. I have worked with many other legislative issues in Oklahoma and have always been very successful.
Question In June 2008 I sold my home in a short sale and the bank forgave the outstanding balance on the loan with no more financial responsibility on my part. I even have a letter from them explicitly stating this. Last month I received a transfer/assignment/sale notice from another company who has "taken over" the servicing of the forgiven loan from the original bank. This new company has even called recently and demanded payment, though I haven't spoken to them.
So, recently I sent a dispute/verification letter via Certified Mail to both the original bank and the new company with a copy of the forgivness letter from the bank as proof. The new company accepted the letter (but hasn't responded yet), while the original bank did not pick up the letter and it was returned to me.
Should I resend the letter to the original bank via normal mail? Or should I just let it go and keep the returned letter forever?
For that matter, am I even going about this properly?
No, don't send anything to the original bank. Check your state laws on foreclosure to see what the statute of limitations is for such claims in your state. Most states have a very short SOL period within which such suits can be brought. Many as short as 90 days after sale. If the new company don't respond but illegally continues with any collection activity whatever you would have the right to sue them and you should.
Don't contact them. Let them contact you. Don't send them any more letters. Let it ride for as long as you can and above all don't pay or even agree to pay.
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