Posted by chet on January 18, 2005 at 24:57:11:
did you dispute w/ CRA or mortgage company.
I didn’t have luck on a 30-late w/ citi, but did w/ CRA
the 60ish days would seem right, if one needs to really be 30-late (2 billing cycles)
Legal Issue on a Credit Report - Posted by Coyote
Posted by Coyote on January 17, 2005 at 22:23:54:
A few years ago, my wife paid one of our mortgages late. It was the first month since the loan was transfered to a new lender, and she sent the payment to the old lender. I tried to get it off my credit by explaining the above, with no luck.
I have recently been told that legally they can not report you late in the first 60 days from when a loan is transferred. Is this true?
Re: Legal Issue on a Credit Report - Posted by River City
Posted by River City on January 18, 2005 at 06:14:22:
When the lender transferred your loan you should have received what they call a “Good-bye” letter. In this letter there should have been a statement that read as follows:
“During the 60-calendar-day period beginning on the effective date of the transfer of servicing of any mortgage servicing loan, if the old servicer receives payment on or before the due date (including any grace period), a late fee may not be imposed on the borrower for that payment and the payment may not be treated as late for any other purpose.”
This statement is required by 12 U.S.C. Sec. 2605(d); Regulation X, 24 C.F.R. 3500.21(d)(5).
If your wife paid the mortgage payment to the original lender and it was late, the late charge stands. If she paid the payment to the original lender and it was paid on time or within the grace period, you should be able to have the late charge reversed and the record should also be corrected. If the latter is the case, you will need to be able to prove it to the credit bureau and to the lender.