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Ely, since this is a second mortgage and it has been

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Ely , since this is...
Ely , since this is a second mortgage and it has been transfered to a collections agency......someone we have no written contract with, does the statue of limitations still apply from date of first mortgage foreclosure......and are we still obligated to pay a collection agency even if this is a charged off debt from the first mortgage company...And what is the worst thing that the collection agency can do to us typically....how should we proceed by disputing the letter and waiting out the statue of limitations (foreclosure was in April 2014) or trying to negotiate a settlement for pennies on the dollar?
Submitted: 30 days ago.Category: Real Estate Law
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3/21/2018
Real Estate Lawyer: Ely, Counselor at Law replied 30 days ago
Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 103,491
Experience: Qualified attorney in private practice including business, family, criminal, and real estate issues.
Verified

Hello again. Please note: This is general information for educational purposes only and is not legal advice. There is no specific course of action is proposed and no attorney-client relationship or privilege formed within this conversation. (You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.)

Yes, the original statute of limitation still applies. The statute of limitations does not "reset" if the debt is sold or sent to a third party for collection. There is no obligation for a collection agency fee, and that is not even typical. Normally the collection agency requests simply the debt plus interest... and all of that is negotiable, anyhow.

Worst thing is placing something on credit assuming the statute of limitations bars them from suing.

A good way to try to get rid of them is an FDCPA letter. See below.

To Whom It May Concern:

re: (name, account #, etc)

I have been receiving debt collection attempts from your company for the debt allegedly owed by me from (describe nature of debt). Without acknowledging or denying this debt, I will post out that it is out of statute of limitations per the facts presented by you.

Despite me requesting so, your debt collection efforts have continued. Demand is hereby made that you cease and desist - now.

If you continue on, then I will have no choice but to seek redress under the Fair Debt Collection Practices Act for the following violations:

15 U.S.C. § 1692f(1) (seeking unjustified amount)
15 U.S.C. § 1692e (threatening legal action without cause)
15 U.S.C. § 1692e(8) (threatening or publishing false debt on my credit history)

Every violation is $1,000 per incident, plus legal fees.

I now consider this matter concluded. Should you contact me again, I will seek counsel to file an FDCPA claim in federal court.

Yours,

Signature

Name

Many collection agencies will normally simply close the file in such cases.

Kind Reminder: Please, use SEND button to keep chatting, or please rate positively and click SEND to submit your rating once satisfied. You may always ask follow ups at no charge before or after rating. "I STRIVE FOR FIVE!"

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Ely
Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 103,491
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Experience: Qualified attorney in private practice including business, family, criminal, and real estate issues.

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