Greetings fellow members.This is my first time posting after checking out the many threads and trying to find the right information for my situation. Before I ask my questions, let me give you a little background info. first. My wife and I took out a BofA HELOC in 2006 for 100k at I believe 2%. in Florida. In 2008 I was laid off of work unexpectedly and subsequently fell behind on ALL payments to all creditors. BofA was not helpful in trying to work out a forbearance/financial hardship agreement with us after several phone calls back and forth. We were told that we "might" qualify for a "new program" but we would have to wait for 2 weeks before inquiring again. In that 2 week wndow, BofA apparently wrote off the loan and screwed our credit even worse, despite trying to work something out on our end. I was again laid off a 2nd and even 3rd time in november 2009. We continued to call BofA and try to work something out but each and every time was given the run around. We were then told that we could go ona 6 month "program" where we make payments and in 6 months "they would reevaluate" our situation.We would receive no formal statement indicating payments/credits. So, 6 months of automatic payments are made and in month 7, they stop without nary a word from Bofa about the status of our loan. In this time period, we paid $1200 to Bofa for the loan. Just a few months ago, my wife called AGAIN and was told by a Bofa agent, that we owed $98,600. This was verbally, and we have no record on paper of this loan amount since bofa closed out our bank account when they wrote it off. Just a few weeks ago we receive a collections letter in the mail from a company in Los Angeles called Solace Financial LLC that is representing Bofa and in the letter it states we owe BofA $101k (or therabout as i cannot recall offhand at moment) which is different then what the agent told us on the phone less then 2 months ago.
So, after reading all the threads and drafting a 30 day debt verification letter, i sent it off this week. Now we wait.
Now comes my questions.
First, I read that some places are now sending judgement letters as a response to a debt validation letter. If this happens, what if any recourse do I have?
Second, my credit report already showed this account as being charged off from BofA almost 18 months ago. I was reading suggestions that you look at the credit report after submitting a debt validation letter to make sure that your credit has not been "verified" in that 30 day window when you are supposed to have no further collection efforts made from the collector. Where will my credit report say this, if it already has a charged off status?
So many questions and I am sure I will think of more as we go along. For now, we wait and see what happens. My biggest thing is that there is a discrepancy between what the Solace Financial Is saying we owe and what we were told by BofA on the phone. It made sense that we actually made progress on that loan during those 6 months as the agent verified on the phone. In the meantime we have been working with our primary on restructuring this loan. Any help or responses would be greatly appreciated!!