What is the name of your state?What is the name of your state?What is the name of your state? PA
Okay, I'm still looking for answers. PLEASE reply if you know something. My dad owns property in PA. He bought it in 1981. He paid off the loan in 1986, but has no proof of payment - all his records were lost by a moving company in 1999, and we haven't been able to locate them. In addition, my dad's bank says that they destroy all records after 7 years. Now Wachovia Bank (not the original creditor) is trying to foreclose on this property which is worthless to my dad. They say that no payments have ever been made. There has been no attempt to collect on this supposed debt ever since my dad paid it off in 1986. Actually, my dad is pretty old and doesn't really care what happens to his credit report. I'm interested mainly in protecting his current assets. We sent a debt validation letter today. Apparently the loan is way past SOL.
Q1: If Wachovia cannot produce validation of debt, can they still foreclose?
(i.e. Isn't foreclosing on the property considered continued debt collection activity?)
Q2: I understand that after foreclosure, Wachovia can seek a deficiency judgement. Can we win a deficiency judgement case based on the SOL being expired?
Q3: Basically, I'm asking, if we forget about the credit report problems that occur from the foreclosure, is there anything that Wachovia can legally do to collect on this debt?
Q4: What course of action would you pursue if you had the same goals as my dad (really just asset protection)? (i.e. pursue deed-in lieu of foreclosure, file bankruptcy, do nothing, etc.)
Thank you for taking the time to reply to my questions.
Steve
Okay, I'm still looking for answers. PLEASE reply if you know something. My dad owns property in PA. He bought it in 1981. He paid off the loan in 1986, but has no proof of payment - all his records were lost by a moving company in 1999, and we haven't been able to locate them. In addition, my dad's bank says that they destroy all records after 7 years. Now Wachovia Bank (not the original creditor) is trying to foreclose on this property which is worthless to my dad. They say that no payments have ever been made. There has been no attempt to collect on this supposed debt ever since my dad paid it off in 1986. Actually, my dad is pretty old and doesn't really care what happens to his credit report. I'm interested mainly in protecting his current assets. We sent a debt validation letter today. Apparently the loan is way past SOL.
Q1: If Wachovia cannot produce validation of debt, can they still foreclose?
(i.e. Isn't foreclosing on the property considered continued debt collection activity?)
Q2: I understand that after foreclosure, Wachovia can seek a deficiency judgement. Can we win a deficiency judgement case based on the SOL being expired?
Q3: Basically, I'm asking, if we forget about the credit report problems that occur from the foreclosure, is there anything that Wachovia can legally do to collect on this debt?
Q4: What course of action would you pursue if you had the same goals as my dad (really just asset protection)? (i.e. pursue deed-in lieu of foreclosure, file bankruptcy, do nothing, etc.)
Thank you for taking the time to reply to my questions.
Steve