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Cendant Mortgage violated VA servicing rules
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Posted by Military Wife (66.191.194.47) on March 06, 2004 at 19:22:13:
We had a VA mortgage thru Cendant. Husband called to do air marshal work after 9/11--had to move. Only had been in new home for 6mo. Tried to sell. Apart 6mo. New baby due. Desperate--had to rent out. 24 mo lease signed w/renters. Renters defaulted. No payment from Nov 2002 on. Filed court papers to evict. Tied up in court for 4 mo. Judgment on 3/27/03! Cendant broke several laws. No Notice of Default filed with VA until LONG after deadline. Told they were going to foreclose in 30 days twice a month. They were supposed to file a form with VA via certified mail prior to threatening us with this. Told NO other options. There were several according to VA. Sold house 5/13/03 with VA guaranty covering amount short. Cendant now reporting "charge off" on our credit reports even though they were PAID in full thru VA. They are reporting a LOSS on a 1099C as "cancellation of debt" when they were PAID the debt by VA. Accepted an illegal partial payment. Took escrow of $252 an applied to "misc." There was a zero balance at that time. Could have all been avoided if VA had known what was going on and helped us. They did not even find out until we were 4 months behind on the mtg. Credit RUINED. Excellent before. Cendant trying to tell us we owe $6000 in taxes on amount they "wrote off." (they were PAID!!!) They broke 12 pages of laws. Should we take them to court? Can we ever get our credit fixed? Can they legally report a "loss" on a 1099C when they were PAID in full??? This never would have happened had they serviced the loan correctly and followed the law. Please help. Cendant is stating they will keep every black mark on our credit report for the full 7 years. We will be 40 by the time we can buy a house to raise our kids in! Semper Fi.
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