July 31, 2011

Pinellas County Florida Short Sales Getting Affordable

Filed under: Real Estate,Short Sale

Clearwater Florida * 3 Bed, 3 Bath * Short Sale Only $109k

July 24, 2011

Meeting Accountant Tomorrow – Ugghh!

Filed under: Miscellaneous

My Living Room Filled With Bank Statements - Fun Times!

July 23, 2011

State Debt Collection Violations Also Violate the FDCPA

Filed under: Collections,FDCPA

Hello Paul,

I have a question about a debt collection company.  Integra Services in Nevada is trying to collect a timeshare debt from me, and I live in Texas.  The timeshare was a complete act of stupidity that only became apparent when we actually tried to use it, and none of the promises made by the sales staff amounted to anything close to something resembling the truth.

I first disputed the contract altogether citing about ten deceptive practices that were used throughout the timeshare presentation and issued a cease and desist letter.  Later, the debt was sold to the collection agency Integra. 

Now it is my understanding that under Texas law, they are required to have a surety bond to collect debt in this state.  I wrote Integra a letter requesting validation of the debt and proof of a surety bond.  They sent me the validation information, but refused to send me information on the surety bond.  I sent a second letter certified mail again requesting the surety bond information for Texas that was left out of their first letter back to me.  The company responded by saying that they didn’t need to provide a surety bond since “licensing is required by Nevada which is in good standing for their company in the state of Nevada.”  This seems like the company’s way of saying that they don’t have a surety bond. 

I offered them a settlement in the second letter which amount to the same dollar amount they were seeking from me as long as the caveat of a pay for delete was upheld for the credit reports.  They never responded to my second certfied piece of mail and have now continued to report the debt negatively to all three credit bureaus.  It has now been well past the thirty days from not only my initial letter but also the second certified letter again requesting surety bond information.  I’m just not sure what my next step should be. 

Aren’t they in violation of Texas consumer protection laws since they have never provided me with the surety bond information?  Should I file complaints with the Attorney General’s office?!  Should I send letters to the credit bureaus?  Should I send another certified letter to Integra Services in Nevada?

I am just so upset I can’t see straight.  Why would they that give no response to my pay for delete request even though it was the same amount of settlement that they had asked for initially?  Any help in this situation would be greatly appreciated.

Robert (more…)

July 16, 2011

Short Sale The Property, Not My Credit Score!

Hello Paul!

Can you tell me how short selling 3 rental homes will affect our credit? Our scores are 750 currently.  Haven’t found any information on the impact of 3 homes compared to doing just one. Is it true that actual missed payments on the loans is what hurts your credit more then the short sale itself? I currently have offers on all 3 and am about to be 60 days past due on the loans. We have two rentals in AZ (a non-forgiving state) and one in CA.

Just wondering if we should try and make arrangements with the collection dept to lessen the impact on our credit report or does this not even matter? Once it goes to collections, it is done? Do you know that if we do pay on the loans, will this affect the lenders decision to accept the short sale?

Any advice you can give would be great. Thanks so much for your time and expertise.

Gina (more…)

July 14, 2011

St Petersburg Florida Foreclosure Defense Lawyer

Matthew Weidner, a Florida foreclosure defense lawyer, as quoted today by the St Petersburg Times:

“This is a catastrophe being laid upon a crisis,” he said. “America is foreclosing upon ourselves. The federal government is foreclosing on taxpayers to pay rich bankers. This is madness.”

July 11, 2011

Short Sale Lien Release Only in Florida

Filed under: Florida,Short Sale

Hi Paul…
I was told to email you because of all people out there talking abotu credit, you would be the one to answer my question…

I have heard a lot of talk about what to do when we get a 1099c.  What about if we *don’t* get a 1099c?

I am currently in the process of negotiating a shortslae with my lender, CHASE.  I am using a very qualified third party negotiator (law firm) to help me.  So far, we have gotten acceptance of our offer and all of the terms we wanted *except* the release.  In other words, the “investor” who owns my loan says they will not sign a release for the debt amount if I go through with the short sale which means there is a very good chance I will *not* get a 1099c and therefore my debt is not “cancelled”.

So, my question is, if my first mortgage debt is still hanging out there and is not cancelled, what effect will that have on my credit??  I happen to know that lenders are not currently pursuing borrowers for outstanding debt…YET.  If they were, they would start sending me letters and asking for payments and eventually, if I don’t pay, send the whole thing to collections where it could potentially be “charged off”.  However, lenders aren’t doing that…and my lender has said they won’t cancel my debt either.  So, without a cancellation or charge off, what do I have?  What happens to my credit?  Do I just have this open credit line hanging out there with no payments against it?  By the way, we are talking about nearly $100K in debt in the state of Florida.  And this is not my primary residence.  Supposedly, the “investor” is Wells Fargo…even though the loan is serviced by CHASE.

I may still have some negotiating room with the lender because nothing has been officially signed yet.
Greg (more…)

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