July 31, 2008

Greene v. Capital One

Filed under: FCRA

The pro se plaintiff Steve Greene had already won a case against Capital One through a default judgment in February 2007 by taking Capital One to small claims court.  Remember a default judgment means Cap One didn’t respond to the summons.  Not bad, he won $4k against Cap One in small claims court!

Funny part is that Capital One still didn’t fix the tradeline and the judge said of Capital One (the furnisher):

It is certainly not beyond belief that a furnisher of information might use the false tradeline as a club in negotiating down a judgment, as may have happened in this case”.

So, what does Steve Green do?  He sues ‘em again!

Unfortunately, because he already won the first case in small claims court, he would have had to file another dispute with the CRA to trigger another cause of action to have another winning case.

This is also an interesting case because it explains the difference between FCRA 1681s-2(a) and 1681s-2(b) violations.  It is important to note that only s-2b violations have a private right of action and a dispute must be filed with the CRA to enforce these rights. 

Plus, I just like the fact that Capital One lost the first case through a default judgment.  There seems to be something poetic about that.

Greene v. Capital One Bank, 2008 (No. 2:07-CV-687 TS, D. Utah 2008)

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.


Filed under: Credit Repair

Hi Paul,

I am looking to buy a house and therefore am trying to bring my score up. I have a poor credit score. I paid everything off that was on my credit report. There were a lot of charge offs and collections and I called them and settled with them.  I also had 2 credit cards that were settled . I actually have 2 questions.

First,one of the credit card companies actually took the settlement amount I paid off and put the remainder back on my report.I did get paid in full letters from all the companies.I also disputed this and got a letter back saying that they were reporting correctly. What is my next step?

Next,what do I need to do to get my score to go up ? I now owe 0 dollars and a lot of people have told me to get a secured card and pay the minimum for a while. I payed these debts back in march of 2008 and my score has only gone up 20 points.

Mae (more…)

July 30, 2008

Dynamics of a Short Sale

Filed under: Short Sale

Should I pay my mortgage if my house is in the process of a short sale? How much is the comission of a realtor who sold the house on a short sale?

Rick (more…)

July 29, 2008

Bankruptcy, Short Sale, & Credit Report

Due to a job loss, we filed Chapter 13 bankrupcty in hopes of saving our home. 

Unfortunately we were still not able to make our mortgage payments and have moved to a rental. 

The Trustee has lifted the stay for the 1st mortgage holder to foreclose. 

We received a call today from a mortgage solutions company that says they will work with us, at NO cost to us, to obtain a short sale on our home and save us some damage to our credit.  Is that possible? 

Will not having a foreclosure on our credit actually help our credit even with a bankruptcy already on our credit? 

Should we pursue this company’s help? 

Is there actually no cost to us?

Martha (more…)

July 28, 2008

Florida Recourse or Non-recourse?

Filed under: Florida,Judgment

I have invested in 2 luxury condos in Florida which we were hoping to flip but construction was delayed and the market collapsed.

We had to take circa $500K loan on each. Our income did not qualify us but the bank gave us a “non-income verification” loans for extra $10K at closing. They gave us mortgages because we had some assets.

After 1.5 years of carrying mortgages we depleted all our assets and quit paying.

Both condos are worth less then $250K now.

We are in foreclosure and are horrified that the bank will go after us for the defficiency balances. We are told that depends on whether or not our mortgages are “recourse” type.

Is that right and how can we determine whether or not our loans are “recourse” I combed my mortgage agreements and cannot find any mention of “recourse” or “non-recourse”

Irene (more…)

What Happens If I Don’t Pay My Credit Card?

Filed under: Bad Credit,Credit Cards

I have a credit card account that was closed because it was maxed out and i was not able to pay the minimum at the time (went on for about 5 months). Now that the account is closed, what happends next? I don’t understand the process. Can you please help me?

Wilfredo (more…)

July 25, 2008

HTDI Financial’s PROVEN Results

Filed under: Credit Restoration

13 Deletions from TransUnion dated 07/08/2008

Personal Information         UPDATED

Two collection/charge-offs from HSBC Bank      DELETED

Two collections from RJM Acquisitions, LLC      DELETED

One collection/charge-off from Leland Scott and Assoc.     DELETED

One collection from Credit Collection Service     DELETED

One collection/charge from Accelerated Revenue, Inc.    DELETED

One collection/charge-offs from North American Credit Services   DELETED

Two collection accounts from I C Systems Collections    DELETED

One collection/charge-offs from Credit Protection Association   DELETED

One mortgage late payments from Beal Bank     DELETED

One mortgage lat payment from Household Finance    DELETED

Call Brian with HTDI!

Short Sale California

Filed under: Short Sale

I’ve been advised to short sell my home (rental property) by my broker, because I cannot continue making payments.However, I received a letter from my lender, Bank of America in California stating, “As the Mortgagor, you will be held responsible for any remaining balance owed.”

Does that mean that I could be stuck paying on a loan I no longer have anything to do with?

Can they require me to payoff the debt even if I short sell my home?

I would greatly appreciate your answers!

Claude (more…)

July 24, 2008

Dismissed Lawsuit

Filed under: Judgment

If a lawsuit was filed on behalf of a credit card company, and the case was dismissed without prejudice, and never re-filed by the Plaintiff, can another collection agency attempt to collect on the same debt?

Missy (more…)

July 23, 2008

Short Sale Hot Potato

Filed under: Short Sale

I received a call from an escrow officer with a question on a short sale transaction she is currently working on.  She and I have worked on several short sale transactions in the past.  This one stumped me.  I’m not sure if this is a new trend, but thought you might know something on the subject.

The short sales she is working on fell apart at the last minute.  The buyer backed out of the transaction after both lenders on the property accepted the terms.  The second mortgage holder was to receive $3,000.  A few weeks later a new buyer submitted an offer comparable to the previous offer.  When Julie submitted the demand to the second lender, she was informed the lender already wrote off the debt.  The lender is Chase.

I realize most lenders of second mortgages here in California know they don’t have a chance to recoup their losses.  Any ideas or suggestions?

Dorene (more…)

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