"debt validation notice"!? FROM them - Loan Modification Forum

davew · 11-05-2009, 01:14 PM

I get in regular mail today from chase a letter about my loan titled "debt validation notice". It states total amount due but that the amount on the day I pay I should call to get exact "PAYOFF" amount. This is not past due but the total 1,050,000. As in one million bucks. It goes on to say I have 30 days to dispute it and if so they will mail "verification of debt" and if - "request in writing the name of the original creditor if other than the present creditor I will provided that" "the purpose of this communication is to collect the indebtedness due or to repossess the property that is the security of such debt". This all seems odd. Comments?

davephx · 11-05-2009, 01:24 PM

This is the typical credit card letter you get when its sold to a debt collector. This is the first I have heard of it for a mortgage.

davew · 11-05-2009, 02:01 PM

Exactly what it is like. Question is what to do about it.

michelle.m · 11-05-2009, 03:14 PM

I also received the same letter. What do we do with it? Our loans have been discharged since may. who/why would someone buy an uncollectable loan?

litehouse01 · 11-05-2009, 06:19 PM

Are you both on the MHA/HAMP trial plans? If you have an attorney I would give it to the attorney..........ASAP let them handle it.

shuladore · 11-05-2009, 07:39 PM

I am on HAMP have made 7 payments got the same notice. I called immediately about it. They said they sent it to everyone. I don't know who everyone is . I had one thought I now the govt is buying up some of these loans that are modified perhaps this is like a payoff statement? Also they charged my account $30.00 to provide this. I also wonder if it is an attempt to comly with fair credit reporting since they have not sent me any statements since April when I started this process. My file is in quality control per the rep tonight. Anyone know what that dept does?

cliffdweller · 11-05-2009, 07:43 PM

Hi,
Shuladore: did they say what to do with it?

Strange, I have always thought my loan was WaMu/Chase owned, but this says
"the creditor to whom this debt is owed is: Wmmsc c/o B of A as Ttee"

??

shuladore · 11-05-2009, 07:57 PM

they told me not to do "worry" about it. I guess I will call again tomorrow to ask someone else all the same questions and seee what the answers are than.....

wonderland · 11-05-2009, 08:21 PM

Hi I just recieved this same note today! I am worried about it. We have made 5 trial payments. My husband called today and they said there is no news. I thought maybe this was something they send before they file a NOD. Those of you who got this debt validation letter what are you doing?

wonderland · 11-05-2009, 08:23 PM

Oh it says Wamu (now Chase) securities owns my mortgage...Does anyone know who that is? Does that mean my loan is in an investment pool likely sold to lots of investors?

davew · 11-06-2009, 04:39 AM

Hmmm. When I tried to get a statement online weeks ago my account is locked. When I called they refused to send me a statement. Maybe this is their check in the box to say we gave you one. Anyway I am sending in qwr getting an audit and going on the offensive. Enough of this crap. I hate em.

wonderland · 11-06-2009, 06:01 PM

actually we asked for a statement of our account too as we are too locked out. Hopefully that is all this is...

caldwellb02 · 11-06-2009, 06:03 PM

I got the same one - DEBT VALIDATION NOTICE. Informed me that Deutsche owns BOTH of my loans. Have no idea when that happened.

Sure guys, I have $300,000 all ready to pay you plus interest right now!!

caldwellb02 · 11-06-2009, 06:05 PM

the more i think of this, the more i think it's got something to do with the Wamu/Chase final takeover. Just dotting I's and crossing t's.

wonderland · 11-06-2009, 06:11 PM

I sure hope that is the case

Marie T · 11-06-2009, 06:28 PM

okay...I got my Debt Validation Notice today too. Mine says "As of October 29, 2009"...and lists off everything I owe. Mine says the creditor to whom this debt is owed is Jpmorgan Chase Bank Na. I think that is strange since WAMU owned and serviced my loan.

It does look like it is going to everyone ...even those who have made many trial payments so that actually makes me feel better....I think!

zander · 11-08-2009, 05:31 PM

Recieved Debt Validation notice today also. What is going on here this is something bill collectors send. Do they really think after paying on this loan for 8 years and making 5 trial modification payments i'm going to dispute that the debt is valid , it would be extremely difficult to dispute the amount at this point as they haven't sent me a statement in almost 5 months. Please anyone that has gone beyond this point let us know what's next....

caldwellb02 · 11-08-2009, 06:06 PM

guys - what I think this is is Chase dotting the i's and crossing the t's. What I mean is that this is the last part of their takeover of Wamu.

Many many of us got this in the last few days. Let's see what happens next. I am not replying to them because they are right - I do owe the mortgage. However, this notice does not also validate that I have been working on a mod and I don't think it was supposed to.

Breathe. Doesn't mean we will get our mods. Just a formality.... I think.

chevy56 · 11-09-2009, 08:14 AM

I also received this letter on Saturday. I have already received perm mod docs and sent in first payment which they cashed. Although my acccount has not been updated online as of today. I agree with Caldwell and believe it has some thing to do with Chase taking over Wamu. Was everybody on this thread with Wamu before the takeover? I was.

shuladore · 11-09-2009, 10:30 AM

Hi :

started wondering if we can use these debt validations to ask for them to produce the note with a mortgage wouldn't this be the "validation" ?

pbharris4 · 11-09-2009, 06:13 PM

I got one on Sat. too.

kbspots · 11-09-2009, 06:34 PM

i have not got one yet, but i am rural and i always get things late. maybe it is wamu though. my loan was taken out at chase, not wamu.

cjberlin · 11-10-2009, 11:44 AM

Well, here is one better for you...I actually got my loan modified...rcvd final loan docs and all...we are done...and yet, I recieved the letter yesterday, and the amounts are different...there system is down right now, but I can't wait to hear the answers for this one...

snapple candy · 11-10-2009, 08:58 PM

hmmmm, I havent got one yet and mine was WAMU. I think its a good opportunity to do a QWR and/or contest the amount. I have been trying to get a full accounting from WAMU/Chase for all delinquent payments,etc (started in June 08) and they will not give them to me. They send me accounting date since the start of the loan up until June 08. Ive been frozen out of my account for a long time....since my BK. I dont understand why they cant give me an accounting after that.
If they offer me a perm mod, I want a full accounting of how they got the numbers they probably would tack on to the back end.

pbharris4 · 11-11-2009, 06:32 AM

Snapple....maybe you won't get one because of your BK. Once you file aren't they supposed to not send things out like that to you? Or any type of accounting letters, etc?

11-05-2009, 01:14 PM	#1 (permalink)
davew Senior Member Join Date: Jan 2009 Posts: 75 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	"debt validation notice"!? FROM them I get in regular mail today from chase a letter about my loan titled "debt validation notice". It states total amount due but that the amount on the day I pay I should call to get exact "PAYOFF" amount. This is not past due but the total 1,050,000. As in one million bucks. It goes on to say I have 30 days to dispute it and if so they will mail "verification of debt" and if - "request in writing the name of the original creditor if other than the present creditor I will provided that" "the purpose of this communication is to collect the indebtedness due or to repossess the property that is the security of such debt". This all seems odd. Comments?

11-05-2009, 01:24 PM	#2 (permalink)
davephx Senior Member Join Date: Jul 2009 Posts: 1,175 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them This is the typical credit card letter you get when its sold to a debt collector. This is the first I have heard of it for a mortgage.

11-05-2009, 02:01 PM	#3 (permalink)
davew Senior Member Join Date: Jan 2009 Posts: 75 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them Exactly what it is like. Question is what to do about it.

11-05-2009, 03:14 PM	#4 (permalink)
michelle.m Member Join Date: Nov 2008 Location: Thousand Oaks CA Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them I also received the same letter. What do we do with it? Our loans have been discharged since may. who/why would someone buy an uncollectable loan?

11-05-2009, 06:19 PM	#5 (permalink)
litehouse01 Senior Member Join Date: Sep 2009 Posts: 497 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them Are you both on the MHA/HAMP trial plans? If you have an attorney I would give it to the attorney..........ASAP let them handle it.

11-05-2009, 07:39 PM	#6 (permalink)
shuladore Senior Member Join Date: Aug 2009 Posts: 78 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them I am on HAMP have made 7 payments got the same notice. I called immediately about it. They said they sent it to everyone. I don't know who everyone is . I had one thought I now the govt is buying up some of these loans that are modified perhaps this is like a payoff statement? Also they charged my account $30.00 to provide this. I also wonder if it is an attempt to comly with fair credit reporting since they have not sent me any statements since April when I started this process. My file is in quality control per the rep tonight. Anyone know what that dept does?

11-05-2009, 07:43 PM	#7 (permalink)
cliffdweller Senior Member Join Date: Apr 2009 Posts: 179 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them Hi, Shuladore: did they say what to do with it? Strange, I have always thought my loan was WaMu/Chase owned, but this says "the creditor to whom this debt is owed is: Wmmsc c/o B of A as Ttee" ??

11-05-2009, 07:57 PM	#8 (permalink)
shuladore Senior Member Join Date: Aug 2009 Posts: 78 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them they told me not to do "worry" about it. I guess I will call again tomorrow to ask someone else all the same questions and seee what the answers are than.....

11-05-2009, 08:21 PM	#9 (permalink)
wonderland Senior Member Join Date: Oct 2009 Posts: 63 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them Hi I just recieved this same note today! I am worried about it. We have made 5 trial payments. My husband called today and they said there is no news. I thought maybe this was something they send before they file a NOD. Those of you who got this debt validation letter what are you doing?

11-05-2009, 08:23 PM	#10 (permalink)
wonderland Senior Member Join Date: Oct 2009 Posts: 63 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them Oh it says Wamu (now Chase) securities owns my mortgage...Does anyone know who that is? Does that mean my loan is in an investment pool likely sold to lots of investors?

11-06-2009, 04:39 AM	#11 (permalink)
davew Senior Member Join Date: Jan 2009 Posts: 75 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them Hmmm. When I tried to get a statement online weeks ago my account is locked. When I called they refused to send me a statement. Maybe this is their check in the box to say we gave you one. Anyway I am sending in qwr getting an audit and going on the offensive. Enough of this crap. I hate em.

11-06-2009, 06:01 PM	#12 (permalink)
wonderland Senior Member Join Date: Oct 2009 Posts: 63 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them actually we asked for a statement of our account too as we are too locked out. Hopefully that is all this is...

11-06-2009, 06:03 PM	#13 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,783 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them I got the same one - DEBT VALIDATION NOTICE. Informed me that Deutsche owns BOTH of my loans. Have no idea when that happened. Sure guys, I have $300,000 all ready to pay you plus interest right now!! __________________ http://www.petition2congress.com/2/2564/

11-06-2009, 06:05 PM	#14 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,783 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them the more i think of this, the more i think it's got something to do with the Wamu/Chase final takeover. Just dotting I's and crossing t's. __________________ http://www.petition2congress.com/2/2564/

11-06-2009, 06:11 PM	#15 (permalink)
wonderland Senior Member Join Date: Oct 2009 Posts: 63 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them I sure hope that is the case

11-06-2009, 06:28 PM	#16 (permalink)
Marie T Senior Member Join Date: Apr 2009 Posts: 490 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them okay...I got my Debt Validation Notice today too. Mine says "As of October 29, 2009"...and lists off everything I owe. Mine says the creditor to whom this debt is owed is Jpmorgan Chase Bank Na. I think that is strange since WAMU owned and serviced my loan. It does look like it is going to everyone ...even those who have made many trial payments so that actually makes me feel better....I think!

11-08-2009, 05:31 PM	#17 (permalink)
zander Senior Member Join Date: Nov 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them Recieved Debt Validation notice today also. What is going on here this is something bill collectors send. Do they really think after paying on this loan for 8 years and making 5 trial modification payments i'm going to dispute that the debt is valid , it would be extremely difficult to dispute the amount at this point as they haven't sent me a statement in almost 5 months. Please anyone that has gone beyond this point let us know what's next....

11-08-2009, 06:06 PM	#18 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,783 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them guys - what I think this is is Chase dotting the i's and crossing the t's. What I mean is that this is the last part of their takeover of Wamu. Many many of us got this in the last few days. Let's see what happens next. I am not replying to them because they are right - I do owe the mortgage. However, this notice does not also validate that I have been working on a mod and I don't think it was supposed to. Breathe. Doesn't mean we will get our mods. Just a formality.... I think. __________________ http://www.petition2congress.com/2/2564/

11-09-2009, 08:14 AM	#19 (permalink)
chevy56 Member Join Date: Feb 2009 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them I also received this letter on Saturday. I have already received perm mod docs and sent in first payment which they cashed. Although my acccount has not been updated online as of today. I agree with Caldwell and believe it has some thing to do with Chase taking over Wamu. Was everybody on this thread with Wamu before the takeover? I was.

11-09-2009, 10:30 AM	#20 (permalink)
shuladore Senior Member Join Date: Aug 2009 Posts: 78 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them Hi : started wondering if we can use these debt validations to ask for them to produce the note with a mortgage wouldn't this be the "validation" ?

11-09-2009, 06:13 PM	#21 (permalink)
pbharris4 Senior Member Join Date: May 2009 Posts: 108 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them I got one on Sat. too.

11-09-2009, 06:34 PM	#22 (permalink)
kbspots Senior Member Join Date: Sep 2009 Location: ohio Posts: 61 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them i have not got one yet, but i am rural and i always get things late. maybe it is wamu though. my loan was taken out at chase, not wamu.

11-10-2009, 11:44 AM	#23 (permalink)
cjberlin Junior Member Join Date: Mar 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them Well, here is one better for you...I actually got my loan modified...rcvd final loan docs and all...we are done...and yet, I recieved the letter yesterday, and the amounts are different...there system is down right now, but I can't wait to hear the answers for this one...

11-10-2009, 08:58 PM	#24 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,310 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them hmmmm, I havent got one yet and mine was WAMU. I think its a good opportunity to do a QWR and/or contest the amount. I have been trying to get a full accounting from WAMU/Chase for all delinquent payments,etc (started in June 08) and they will not give them to me. They send me accounting date since the start of the loan up until June 08. Ive been frozen out of my account for a long time....since my BK. I dont understand why they cant give me an accounting after that. If they offer me a perm mod, I want a full accounting of how they got the numbers they probably would tack on to the back end.

11-11-2009, 06:32 AM	#25 (permalink)
pbharris4 Senior Member Join Date: May 2009 Posts: 108 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: "debt validation notice"!? FROM them Snapple....maybe you won't get one because of your BK. Once you file aren't they supposed to not send things out like that to you? Or any type of accounting letters, etc?

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