Strange entry on credit report

[wirlwind]

Last night I pulled a copy of my credit report online maily to see what it was saying about my mortgage. I am in the process now of actively terminating my mortgage, and I very close to getting the deed reconveyed. Under my mortgage (on equifax) it had the balance as $0; Past due-$0 and it said pays as agreed. It had the date of last activity as being 7/1999. Does anyone have any idea what that could mean?



Donna

[dochand]

Donna



I pray that it means that the so-called mortgage has gone bye-bye and you now have that house free-and-clear!



I further pray that this will be the END OF THE STORY!

And they lived happy ever after.



Doc

[wirlwind]

Thanks Doc. So do I!

Donna

[Jerseee]

Donna,



From my experience, the "$0" thing means nothing to them but you can keep it as proof that you have no balance.



I would stay on top of this very closely to see if they try to start foreclosure procedings immediately.



Watch your back.

Originally Posted by wirlwind

Last night I pulled a copy of my credit report online maily to see what it was saying about my mortgage. I am in the process now of actively terminating my mortgage, and I very close to getting the deed reconveyed. Under my mortgage (on equifax) it had the balance as $0; Past due-$0 and it said pays as agreed. It had the date of last activity as being 7/1999. Does anyone have any idea what that could mean?



Donna

ARE YOU GOING THROUGH THE DOREAN/OXFORD PROCESS OR ARE YOU DOING IT YOURSELF?

I would go to my court house and see what is filed there as a 'satisfaction of mortgage', and I would contact my lender and ask what my balance is?



I mailed in my paperwork to Dorean last week, but cancelled the day after they received it (yesterday), and they told me that they are quit claiming my house back to me and refunding my money.



Here is what I learned (at the last minutes) that scared me.



1. Dorean, acting as default agent for the lender, is not only reconveying the deed themselves, but they are also (I strongly believe) drawing up and filing a 'satisfaction of mortgage' also as agent for the lender. This will be caught by just about any good title search company and they will balk at this.



2. I asked - How many people have gotten successful refi's? I was given an honest answer. I was told 3 with one possibly coming soon within the next week. Then I asked, '3 out of how many attempts?'. The response was 'I haven't asked that question'. I think this is a very important question.



3. Under the Uniform Fraudulent Conveyance Act, the statute of limitations is 4 years, and in my state (and many others) the SOL on suing for breach of promissory note is 15 years. Yes, on an conference call, K.J. stated that the SOL was only about 2 years in most states. This doesn't jive.



4. After DG is paid (even if I do get refi), what guarantee do I have that they will represent me with the same energy if I am sued AFTER they have been paid?



5. In the same vein as #4 above, I felt that the agreement I signed was sorely lacking in thoroughness and detail as to what Dorean's commitment was under varying circumstances.



6. If there is no satisfaction of mortgage, I could end up getting sued by not only my original lender, but also by the one that did the refi, and this could happen anytime over a long period of time.



7. I decided to wait until some of these concerns are answered satisfactorily or addressed, and in my opinion, they haven't been as of this time.

[gregtu]

Dnepr, when did you close on your house? If it was 7/1999, they're saying you signed a PN paying for the house in full. But like Jerseee says that means nothing to the MC.

I refinanced my house this past December of 2003. In my opinion, that is irrelevant in light of all the questions I posted above, and also the issue is not whether or not my signature on the PN provided the funding for the loan. This is not what the Dorean process is relying on, I don't believe.



They are relying on the fact that they are presenting tender of payment to the MC for twice the value of the mortgage in the form of a bond with the condition attached that the MC validate the debt. MC can't do this, so they can't cash the bond.



Also, by not validating the debt, supposedly the MC defaults and allows Dorean to act as their agent to reconey the deed away from them and into your trust. But, my questions are who provides the 'satisfaction of mortgage' papers that get filed in the recorder's office?

What does 7/1999 have to do with anything? What significance does this have? You lost me with this question.

[gregtu]

What month and year did you move into your house? The reason I asked is because the CRA's are reporting the last activity of 7/1999... that's what they're using to show when the house was paid for. When you inspect the docs at the court house, it will have the same date.