If you lost your job, and you are going through a Foreclosure, Short Sale or Bankruptcy we know that this is a tough time. Many people think they might not be able to buy a house again – the good news is that, if you can just get past this rough spot – there are programs specifically designed to help you buy another house! So, we want to help you get through this, get things cleaned up the best that you can, so you can be ready to buy a house and take on another FHA Home Loan with confidence.
Collectors call you because it’s to their advantage. They can be threatening, they can get you all emotional… remember, the collection is a BUSINESS transaction. You need to get the transaction back to a business level.
The best way to do that is by sending them a Ceast and Disist Letter, telling them that all future correspondance will be in writing. You must send this letter by certified mail, receipt requested. Keep everything in your folder, including the receipt you get back!
Here’s a sample letter:
City, State Zip
Debt Collector’s Name
City, State Zip
Re: Account Number
Dear Debt Collector:
Pursuant to my rights under federal debt collection laws, I am requesting that you cease and desist communication with me, as well as my family and friends, in relation to this and all other alleged debts you claim I owe.
You are hereby notified that if you do not comply with this request, I will immediately file a complaint with the Federal Trade Commission and the [your state here] Attorney General’s office. Civil and criminal claims will be pursued.
Remember to Customize the cease and desist letter with your information including the current date, your name, address, and account number given by the debt collector.
By LAW, once the collection agency receives your cease and desist letter they can communicate with you once more, via mail, letting you know one of three things: that further efforts to collect the debt are terminated, that certain actions may be taken by the debt collector, or that the debt collector is definitely going to take certain actions. MEANING… they could say,” we are not going to try and collect this debt (don’t hold your breath on this one! LOL!), we MIGHT file a collection against you,” or they can say they, “WILL be filing a collection or judgement against you” – but they can’t call.
REMEMBER!!! When you send the cease and desist letter to the debt collector, send it via certified mail with return receipt requested. This will provide proof that the letter was sent and received. If the debt collector communicates with you beyond the single instance allowed by law, this evidence will allow you to seek punitive action against the debt collector… meaning you can take THEM to court!
If you are trying to purchase a home – credit score requirements have gone up… you need to work on your credit, and not ignore it… but that doesn’t mean that you have to go through all the TRAUMA of the collection calls to get this done!
FHA Home Loans are one of the most sought after programs because of their flexible underwriting guidelines, and common sense approach to mortgage lending. CNN reported in 2010 that “the recession killed off 7.9 million jobs.” While we’ve seen many people go back to work, the recession left many families in a horrible situation that was completely out of their control.
This new FHA Home Loan program is ideally set up for folks who had an established home, jobs, good credit – and when the US Economy tanked, they suffered, lost their job… THEN they got a new job, re-established themselves, and are now ready to buy a home in North Carolina! If you or your family experienced this pain, the new guidelines are aimed at helping you buy a house!
If we can help you – we will!
Call Steve and Eleanor Thorne, Mortgage Loans in Cary ,