Where's my loan?

[RealOG]

A quick question and solicitation for advice.

My wife has a condo in Chandler, AZ. She bought it pre-boom for $90k. She a $11k ELOC from Greenpoint on it which we have been paying down. All of a sudden the payment have stopped coming out of our account. We call Greenpoint and they tell us it is no longer with them, it has been transferred to Countrywide. We call Countrywide and they tell us they do not have record of any loan.

So did it just vaporize? I would pay the thing off if I could just find it!

Have any of you ran into this problem? What did you do to fix it?

 

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[GLC65]

A quick question and solicitation for advice.

My wife has a condo in Chandler, AZ. She bought it pre-boom for $90k. She a $11k ELOC from Greenpoint on it which we have been paying down. All of a sudden the payment have stopped coming out of our account. We call Greenpoint and they tell us it is no longer with them, it has been transferred to Countrywide. We call Countrywide and they tell us they do not have record of any loan.

So did it just vaporize? I would pay the thing off if I could just find it!

Have any of you ran into this problem? What did you do to fix it?

Maybe the FEDS bailed you out? Kidding aside, document everything and keep a log on who you talked to and what actions you have taken. Maybe a glitch somewhere but I can guarantee you they will not forget about their money.

 

[phlgirl]

My in-laws had a HELOC with Greenpoint, which we manage, and it was taken over by Countrywide about 3 months (?) ago.

Was your wife getting statements from Greenpoint in the mail? If so, there should have also been a notification letter regarding the transfer, which would include a new account number and payment instructions. Any chance this letter was sent to the condo (as opposed to your current mailing address)? Greenpoint should have something on file. You might need to climb through a couple ranks of customer service there to get them to fax you a copy.

Sounds like it might be temporarily lost in the system but I would be proactive if I were you. Once a reconciliation occurs, they will find it and they might have rights to hold you responsible for missing payments. Has your wife checked her credit recently? It may appear there (hopefully not past due).

The good news is there is a window of time (I want to say 60 days), where any late payments are ignored/not reported to credit beuraus, while in the midst of a transfer such as this.

Good luck.

 

[AroundTheWorld]

Check her credit report and see if anything is being reported there.

We purchased a handful of trailers a few months back. One of them had a very similar circumstance. The previous owner purchased the trailer.... started making payments.

Then, she wanted to pay it off. She arranged with the banker to meet him for an exchange.... title for cash. (This is a very small rural town and was a small bank). The guy never showed. She called the bank a week later and it had gone under.

She never received another word about it. This was 10 years ago. Nothing ever showed up on her credit report. No one ever came to repo the trailer or claim the note.

 

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[hakrjak]

I've had plenty of notes bought by Countrywide. They never fail to appear under my account when I just go to www.countrywide.com and login. It usually happens really quick.

Cheers,

- Hakrjak

 

[RealOG]

Found it! The wifey called Countrywide and they have it (after 60 minutes of drilling them), but it is listed as a "charge off" and "paid off". Not sure what that means. I thought it could be one or the other, but not both. They have no other info than that (she might have to get her drill out again).

This has me concerned for two reasons:
1. It's going to impact wifey's credit until we get it cleared up. Luckily we don't need her credit right now.
2. If it is a "charge off", doesn't that mean it was forgiven? This could have unexpected tax consequences for us.

Now for the big question... should I continue to chase the bank to get this balance corrected? No doubt we will chase the bureaus for the credit score issue, but morally should I be expected to chase down the bank to tell them we should still owe them $11k? If I was at the gas station and they didn't charge me enough for a Red Bull, I would tell them, but this is a real time consuming pain in the a$$.

 

[andviv]

send them a letter with receipt notice, and a fax, asking them for a written confirmation of the situation of the loan.

State in your letter that you need instructions for payment if anything is still pending. Make it clear that you need to pay but haven't received any new instructions.

And do make sure you state it there, bold, that you are requesting payment instructions.

That's what I would do if I were in this situation.

 

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[randallg99]

this is evidence the mortgage companies are royally screwed.... they don't even know how much they're owed....

 

[imirza]

I've been hearing rumors that banks are trying to write off as much as they can and are deliberately trying to get people to default on their loans or to charge off people's credit cards. The banks will claim their losses against the taxes they paid in previous years and get refunds. On top of that they will get government money to cover their losses. So its like they will be compensated twice. Reading about the turn of events in the situation concerning RealOGs wife, these rumors don't seem that implausible.

 

[RealOG]

You know, the funny thing for my wife is that she had a small credit card balance, $1200 or so and they offered to have her pay it off completely for $800. She wasnt late, wasnt over limit, they just called her and offered it.

She accepted, we paid the $800, and they zero'd her balance. She still has the credit card with the same limit. Its not related to GP, but I found it peculiar. Who calls up and offers you something like that outta the blue?

 

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[imirza]

You know, the funny thing for my wife is that she had a small credit card balance, $1200 or so and they offered to have her pay it off completely for $800. She wasnt late, wasnt over limit, they just called her and offered it.

She accepted, we paid the $800, and they zero'd her balance. She still has the credit card with the same limit. Its not related to GP, but I found it peculiar. Who calls up and offers you something like that outta the blue?

See it is starting to make sense. The banks are trying to write off everything and get money from the govt. and get refunds of the taxes they paid the last 4-5 yrs. If this is the case, i am maxing out all my credit cards and lines of credit, calling the banks and offering to settle for half as long as it reflects paid in full and does not dent my credit. FASTLANE BABY !!

 

[bflbob]

You know, the funny thing for my wife is that she had a small credit card balance, $1200 or so and they offered to have her pay it off completely for $800. She wasnt late, wasnt over limit, they just called her and offered it.

She accepted, we paid the $800, and they zero'd her balance. She still has the credit card with the same limit. Its not related to GP, but I found it peculiar. Who calls up and offers you something like that outta the blue?

Wow...and I'm spending my time on RE and stocks!

Nice that you had the funds...a lot of the population wouldn't.

 

[AroundTheWorld]

Wow... this is all really wacky stuff.
Makes perfect sense though..... they are playing the system.

 

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[andviv]

Wow... this is all really wacky stuff.
Makes perfect sense though..... they are playing the system.

Know the rules, so you can play by them to your advantage.

Yup, very good.

So time to go cash out those credit cards advancements, stuff the money under the mattress, and then call the bank and settle the debt.

 

[slim_jim]

Should they be allowed to play the system?

Will they go under if we don't allow it?

Is it ethical?

What is your $.02?

 

[andviv]

my $.02 is....

I can either try to change the system....

or understand the system, learn the rules, play by them and come up ahead.

Option B for me, please.

Option A derives in an eternal discussion of what is the best way to change it, becomes political and does not lead me anywhere constructive.

 

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[slim_jim]

Devil's advocate.....

Is this what the intent was when the bailout money was provided?

Who is really going to pay? Us, the taxpayers.

 

[rcardin]

My initial take is wait and see. If it does end up on a credit report dispute it. Make the creditor prove they bought the loan and you owe it. Worse case scenario is they report it as a charge off and you have documentation that you tried to pay it. Record every conversation.

 

[randallg99]

See it is starting to make sense. The banks are trying to write off everything and get money from the govt. and get refunds of the taxes they paid the last 4-5 yrs. ...!!

as an investment broker, this would hold true, but as a BANK the rules change. and encroaching reserves threshold will violate banking regulations and this is when FDIC takes over.... management/boards who control the banks (and make the most $) will do whatever it takes to avoid this from happening... once FDIC comes in, all management and their cronies are history...

but don't think for a minute the banks want to write off everything... (they're already entitled to a lot of losses that they'll be able to carry forward anyway) ... if they write off the bad loans (which are bank assets regardless of how bad they are) then two things happen: 1) they admit defeat to concede to mark to market & their assets are really pieces of shits and 2) their balance sheets will deflate faster than a nitrous balloon at a rave.

 

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[unicon]

What we have here is "a failure to reconcile" nothing makes sense, it is the opposite of good management or good money practice. This means you are wrong or they are playing the system for the a windfall reward somewhere (especially with regard to the credit card).

On these issues the goal is to reconcile the truth, that is where you learn, you do not wait for anything because the game is being played on you. You take control by getting written confirmation of everything they said (you write the 3 players to get this proof).

Reconciliation - once you have the proof you then send the killer letter to them saying what you owe and to explain why they did an unlike business thing of forgiving debt for no reason, that this would mean or might mean that they have ulterior motives as an only logical conclusion. You might ask right out if you are being forgiven this money because of a windfall of the bail out money and if not what is the reason (remember you already have their confirmations in writing -setting them up).

All the pain in the a$$ is reveresed immediately. If they actually answer this with some baloney, you have the best recoarse. You send the entire story to your congressman or newspaper! You have taken 100% control and you will find out the real answer fast!!

This is called poetic justice, it is simple as taking names and writing letters. Throws all balls and responsibility in their court and the same time as contemporaneously perserving your credit touching all bases in writing.

Never heard two examples like this and would be interested to know if there is any shinanigans. You have great power to expose any corruption and actually perserve your credit and learn something new all at the same time. It no longer a pain in the a$$ but a exercise in your power !!

Not to mention you are doing the right thing and responsible thing!

Plus everyone wants to know what you find out. Exposure is Enforcement!!!!!!!

Speed memos with copies are only a few bucks - start putting them on notice the clock is ticking.

Finally there is nothing free and hidden, if you get it free you want it surfaced right in your face. Because of this fact I cannot just attribute this to incompetance although I may be wrong.

This is called Reconciliation!!!!!!!! It all finally makes sense.

 

[andviv]

You know, the funny thing for my wife is that she had a small credit card balance, $1200 or so and they offered to have her pay it off completely for $800. She wasnt late, wasnt over limit, they just called her and offered it.

She accepted, we paid the $800, and they zero'd her balance. She still has the credit card with the same limit. Its not related to GP, but I found it peculiar. Who calls up and offers you something like that outta the blue?

Just out of curiosity, what bank is this?