Creditor vs. Debt Collector

[Carona]

When my loan was transferred from Greenpoint to Countrywide, I received some paperwork stating that Countrywide is indeed just a "debt collection agency." It also indicated that Capital One was my "creditor." Does that mean that Capital One is my investor? I'd rather talk directly to Capital One, if that is so, than continue talking to CW debt collectors. Please advise.

Thanks!

[Medora]

I am in the same situation, Carona. Capitol One aquired the bank that owned Greenpoint, but really didn't want the mortgage division. Subsequently, Greenpoint was servicing only, but now CW is servicing. As to who actually owns our original GP mortgages--who knows? They were notorious for immediately selling them to investors. I dearly would like to see Captiol One or CW "produce the note." I am nervous about the ability to get a GP mortgage successfully modified by CW? Would love to hear anyone's success, as we are going to try!
Good luck!

[donny2u]

Carona... all mortgage loan "Servicers" are debt collectors. That is specifically their function... to collect a debt owed. According to your letter it appears Cap 1 is your investor. Chances are you would not have much luck trying to deal with Cap 1 as they are probably not equipped to deal directly with you as CW is your servicer. Another issue would be that Cap 1 would scrutinize your situation much more carefully than CW based on the "streamlined" guidelines Cap 1 has agreed to with CW modifications. All the investors have given servicers the parameters they are willing to accept for modifications. In addition, the lawsuits filed by various states have also set relaxed guidelines. Even though going through CW is frustrating, time consuming and frightening, your chances are better with your servicer, (CW).

Medora... Even prior to Cap 1 acqusition of Greenpoint, GP was always just the servicer on your loan, (GP had virtually no "portfolio" loans). An easy way to find out who your investor is is to call CW and tell them you believe Fannie Mae is your investor and are interested in the Fannie mod program. They will tell you that you are not eligible as Fannie is not your investor. THen ask them if it is not Fannie then who? You may have to try this ploy a few times but eventually you will get a Rep who will "spill the beans" and tell you who your investor is. As with Caronas' case, it would still be in your best interest to fight your way through a CW mod than approach your investor directly.

I'm speaking from experience as I fought my way through the CW Forebearance and Modification processes with success. I was able to get a 3 month Forebearance in about 2 weeks and the Mod took from Novemeber to March, (approx 4 months). The time frame was shorter than many here on LoanSafe but I made it my #1 priority and stayed on the phone for literaaly hours at a time to get to the right people and the right answers. You can see my story in this thread called "Patience And Persistance Pays Off"
Good luck to you both... Dig in, fight hard and don't give up!

[Medora]

Hi Carona and Donny,
Well I sent B of A 2 letters after receiving the DVN, requesting documentation on my loan. The first time they sent me a copy of my Deed of Trust, not what I had requested, such as assignments and accounting. Last week I rec'd an extremely defensive letter, basically saying they've done nothing wrong, the loan is valid, they do not want to do the research on my loan to satisfy my requests. The funny thing is I did not make any accusations at all--I just asked for documentation!!

The intersting thing is they volunteered that Wells Fargo is the owner of my note! That's the first I heard of it, and also funny bec. why would CW/BofA be servicing Wells??
Anyway, interesting.