Replies to post #234802 on Mr Cooper Group Inc (COOP)

[MONICALAW]

Also, with HELOC, debt???? Can Chase keep collecting the Home Equity Line of Credit(HELOC),originated in Washington Mutual Bank , If in fact JPMC, doesn't own WAMU yet completely as I understand????

[sf]

i have the same card. the same terms are in effect from wamu. they cant change the terms until they pay for the company. i received a paper trying to update to the terms chase deemed. i called and talked to the credit dept head and said there is no way terms can be changed until the card company is owned by chase and i would like to see proof that it was indeed bought and for what price. and if they cannot provide it then i will sue if they try to change any language to the contract i signed for the card. about a month later the card user name changed and appended to wmc4189 (washington mutual corporation and my orig date of the card) with my user name. they are "ear marking" these accounts for return to wmi because they were a wholly owned sub of the holding company,or their attorneys said they cannot lump these cards in with any others until the division is paid for. my terms never changed at 0.00%. they sent me a retraction and said only if i charged more the term would change on the NEW balance only. its great to hit a nerve with them. i had them at hello....

[dragon52]

I don't think that it makes a difference as to who owns the debt.

Point is, your "friend" didn't pay his bill. It really doesn't matter who is trying to collect the debt; it could be a possible agreement between the two companies, but you don't know that do you?

so what happens? Your friends credit goes down the tubes because of failure to pay on debts owed. Do you think it will be reflected on Chase, WAMU, Providian, or your "friend"?

[creyno58]

After about a year or so your friends debt will be packaged and sold for pennies on the dollar. The purchaser will start sending offers to settle the debt and as time goes on they lower their collection amount. Eventually they may package and resell the debt.

Depending on how much your friend owes and whether he expects to need credit in the next five to ten years he may want to let it run.

Also if he has lost money in WAMU due to the fraud, definitely DO NOT PAY until they pay us back in full.