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  1. #1
    Join Date
    Apr 2011
    Posts
    4

    Default Proof of Debt Owed

    My question involves collection proceedings in the State of: NH

    My question involves a foreclosure in the State of: Original loan was in NH, I now live in Michigan.

    I received a letter from Old Republic Equity Credit Services claiming that I owe on a 2nd mortgage from a foreclosed property. The letter states that their client is Old Republic Insurance Company, and that the loan was "assigned to" them by Countrywide - Bank of NY. They claim to be the collection agent for the creditor.

    The letter lists the following:
    Our ID (the number means nothing to me)
    Creditor's Acct. # (again, I don't recognize this number)
    Principle Balance
    Plus Interest Accruing at 7.75%
    Total Due to Date

    I'm surprised by 2 things:
    (1) They are showing interest accruing (about $9K so far) but they don't mention when it started accruing and we never got any notification of the loan being transfered or statements showing the monthly balance.
    (2) The debt doesn't show up on our credit report.

    My questions are:
    (1) Does this seem like a legally legitimate letter or should I ask for more information, such as a statement? I would expect to see some record of the loan being reassigned (not just words in a letter) and when it happened.
    (2) Is it possible that I could owe a debt and it NOT appear anywhere on my credit report?

    Thank you

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Proof of Debt Owed

    You contractually agreed to pay interest on your loan (apparently 7.75%) when you took out the loan. It started to accrue when you received the money.

    There is no legal requirement that a creditor report a debt to a credit reporting agency.

    How old is this debt? Is it possible that it's past the statute of limitations for collection? That could explain a surprise contact years after-the-fact with nothing on the credit report.

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