Anyone Send A Validation Of Debt Letter

[pauls340]

Anyone ever send a bank a "validation of debt" letter to a bank before you walk away from a loan or mortgage? Apparently, a bank never physically lends you $$$ when you get a loan to buy a house or mobile home in my case, so the bank can't prove validation of debt....anyone can help I / we appreciate it.

 

[SpeedThrills]

I hope you're not offended by my response, but, you asked. If you made an obligation with someone, honor it. Don't look for a way out. Stand up, and pay up! You'll live with yourself better, I hope.
Besides, if you owned the business that was owed, would you want to hear that from someone?

 

[slantsixdan]

This sounds like one of those harebrained misunderstandings of what words and terms mean, like those crazies who run around babbling about how you don't have to pay income tax because it's "voluntary" (when in fact, in this context, "voluntary" just means they don't send tax collectors around to collect your taxes at gunpoint). Mind, I'm not calling you harebrained or anything, it just sounds like you've read or heard a misinformed, ignorant opinion of the way things work.

 

[1968FormulaS340]

If it was that easy everyone that was in trouble would do it. You can send the letter but they will just pull out the signed paper and say... "Remember this?"

 

[Oklacarcollecto]

Google validation of debt letter.

All that gets you is verfication that you owe the debt. It would most likely make the lien holder harder to deal with in the end. Lein holder could force an asset hearing on you and make that nice little yellow A Body go BYE BYE!!.

Tread lightly on this one my friend unless the debt isn't yours.

 

[clhyer]

What are the rest of the circumstances? This is probably state law, and therefore, anything you might hear from the rest of us that do not live in your state or are not lawyers is worth just about what you pay for it...

That said, I would be hesitant about signing anything. IMO, there is already validation of debt - that would be the promissory note that you signed along with, perhaps, a deed to secure debt or whatever it is called in your state.

One thing to keep in mind here, any papers you are being asked to sign now will not be to benefit you; they are to benefit the lender in some way. I would sure want to see what the fine print in that VOD reads and bounce it off an attorney. IMHO, the promissory note you have already signed and state law gives the lender certain rights and remedies in the event of default. An additional "validation of debt" at this point may only serve to give the lender additional rights, whether it is to restart the statue of limitations, make it easier to obtain a judgment against you; or worse, to make the judgment automatic in the event of a surrender of security.

My advice, hoof it down to town and see an attorney. A good attorney.

I am not advocating that you not pay your debt. All that said, I agree with slantsixdan. If you signed a promissory note, it is a legal instrument in which you have given your "promise to pay".
C

 

[homecloned]

This is more of a stall tactic. It is just requesting proof from the lender of what you owe. They will send it to you. Trust me.

The theory is that the bank can't find where your loan might have been sold to. But they will.

 

[pauls340]

Thank you all for your input. I knew if I posted my situation here I would get some very construtive opinions. Unfortunately, what I (the Dad) did for my daughter has come back to bite me. She moved out with the boyfriend (soon to be fiance) and bought a house and left me with $529 lot rent and $331 loan amount. All this just after I received ~$15,000 surgery bill for my prostatectomy. So now I have a $32K loan which the bank will take a $17K Short Sale but doesn't want to relieve me of the balance. How sad our economy where you can't even get anyone to give an offer on a mobile home for $15-$17K. Thanks again.

 

[daredevil]

have you thought of renting it so you fulfill the obligation. When I bought the house i,m in now its what i did with my old one so now someones buying me a house.

 

[clhyer]

I was mixed up. I thought this letter was something the bank was sending you asking for signature, not you sending to the bank.
C

 

[Oklacarcollecto]

Thank you all for your input. I knew if I posted my situation here I would get some very construtive opinions. Unfortunately, what I (the Dad) did for my daughter has come back to bite me. She moved out with the boyfriend (soon to be fiance) and bought a house and left me with $529 lot rent and $331 loan amount. All this just after I received ~$15,000 surgery bill for my prostatectomy. So now I have a $32K loan which the bank will take a $17K Short Sale but doesn't want to relieve me of the balance. How sad our economy where you can't even get anyone to give an offer on a mobile home for $15-$17K. Thanks again.

$529.00 lot rent?
No wonder you can't sell it.
That is $6348 a year for a place to park a mobile home.
Even renting it would be dangerous. If they failed to make the lot rent it would be a diaster.

Would the bank let someone assume the loan? What about leasing through section 8 housing and letting the tenant have option to buy. I just can't get over $529.00 lot rent.....