I plan on buying a new home in the next 4 - 6 months with a VA loan. I was told by the mortgage company I would need to pay off a debt owed to Toyota which is a deficiency amount owed after the vehicle was sold.
* DOLA is 11/2004
* This is still within the SOL
* Alleged amount owed: $11,000
* I made payment arrangements with someone in 2005 (Don't remember who... probably a CA). I sent them a rescission notice before the first payment was due. Never heard from them again.
* CRA shows OC on all three reports
* No CA shown on CRA
* Disputes to all three CRA's come back as 'Updated"
* The amount due increases a few dollars each time the account is "Updated"
* Today TransUnion came back as "Frivolous".
* No one has contacted me in three years.
* As a last resort I can PIF in about 4 months... but I don't want to
I need to wake up the sleeping beast!!
WhyChat's REPOSSESSION DEFICIENCY DISPUTE letter seems to be the tool to use.
Here's the letter I intend to send to Toyota:
To whom it may concern;
I am writing in regard to the above referenced accounts and transactions. This is not a refusal to pay, but a notice that this account is disputed. This vehicle was repossessed by Toyota Motor Credit in the State of Virginia on or about, xx/xx/xxxx, and resold on or about xx/xx/xxxx.
Under the laws of the State of Virginia UCC § 9.506 and State RISA and MVISA statutes a deficiency cannot be claimed unless all of the required notices were properly and timely given, and all of the allowable redemption and cure time limits were adhered to. Please provide copies of the legal notices and proof of the commercially reasonable manner of the resale of the subject vehicle.
If no such proof is provided within 14 days from receipt of this notice, the alleged claim of a deficiency will be considered null and void, and any continued collection activities, or continued reporting of this invalid claim on my credit reports will be considered a violation of the FDCPA and FCRA.
In addition, if you singularly or severally fail to comply with the above requests, I reserve the right to seek damages against all parties, under all available State and Federal statutes and UCC § 9 remedies.
Any suggestions appreciated!
I don't know anything about the whychat stuff....
but VA loans usually do not require things to be paid off..... regardless of how old, ect. if you are approved thru Automated Underwriting.
Get another lender, or preferably Banker/Broker(not direct lender) to run your file for approval. You will probably not be asked to cure before close.
I have seen here many times that people are asked to pay off stuff for an approval..... which is hardly the case anymore with most loans.
Get another opinion.
I was about to post something similar in regards to repo's and VA loans.
I had posed the question several months ago--We have a repo that is now 2 years old, would like to utilize VA. I was told that VA was a no go with a repo unless you pay it off or have a payment plan in place.
Is there any other info?
I don't mean to hijack the thread but it could also be beneficial for the op.
No problem.... misery loves company!!!
Maybe we can hear from one of the VA Loan experts.