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Collection Agencies--acting on behalf of 2nds

Posted by Paola Martinsen on June 13, 2010 at 12:03pm in Short Sale Discussions
I have had some bad experiences with some Collection Agencies. Bullying techniques, complete lies and lack of integrity. Does anyone know where we can report these collections agencies to and what article of the fair debt collections practices act they are violating?

The worst one I dealt with is Tate Kirlin and Associates, who didnt even know how to read a HUD and wanted to discount commission down to 4% and obviously take that money. These guys should not be in the short sale business.

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Replies

  • Wendy Rulnick June 17, 2010 at 11:52am
    Paola - You should contact your State financial regulation division, who probably cover creditors.
  • Kimberley Kelly June 15, 2010 at 2:23am
    I have only had one deal where the second had been sold to a collection agency. It did make it harder because they knew our area even LESS if possible than the Lenders! THey had no idea and did not care about the area/development comps and thought they'd get their money in CA if we went to foreclosure!

    I agree that we will be seeing this more and more. Hopefully, they'll get smarter because most of my Sellers are in bad positions, will foreclose and then bankruptcy..those debt collectors need us to cut down on their time/money and actually get them a payoff..
  • Darlene Krause June 14, 2010 at 6:08am
    Have had a couple of files where the second mortgage was with a collection agency. And both did want to cut the commission. Told them it made no sense, because even if they cut the commission they weren't going to get more money. Not sure what their deal is, but I think we will start to see more collection agencies involved, especially on the second mortgages.
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