Gotta share this will youse all!!!!!

[Mike Garrett RAA]

Got paid today on an invoice from April of 2001! A couple of weeks ago I decided to clear out all my old invoices but before writing them off I would try one final time to collect. Sent out about 18 letters. To date..5 checks!

This California lender sent me a letter in response to my invoice saying...."we didn't make the loan so we don't owe you". My reply said....Pay up or face the following:

1. I will file in small claims court in your home county.
2. I will notify the California Real Estate Commission of your actions (they are licensed out there, folks!)
3. I wll notify my state's licensing authority of your actions.
4. I will contact your state's banking authority.
5. I will post your company name and your personal name to the "dead beat lender's list" on appraisers forum.com

Today I received payment in full including a late fee and interest at 18% along with a letter of appology. There is a God and He is on our side!

 

[andrea dennett]

Oh happy day!!

I have a couple of dead ones myself. Can I borrow your spelled out plan of action?

 

[Restrain]

If mortgage companies are licensed, as they are in Texas, this approach definitely works. I have used it myself. The only problem in Texas is that they only pay up if the loan closed. If it didn't, they say they didn't collect the money and you have to go to small claims court. But it's a beginning.

 

[Tim Hicks (Texas)]

Roger, I turned in two lenders to the state and they would not renew their license until they paid me.

 

[Anonymous]

As a result of a request from the AGA, the New Jersey department of Banking will investigate any mortgage company which fails to pay appraisers. The threat of the state looking at their books has made over 90% of the mortgage lenders pay up.

 

[Tim The Enchanter]

I had a boss years ago in the commercial collection biz that said
"Your best weapons are fear, guilt, and shame" in getting the debtor to pay. :lol:

Feel free to apply whichever suits the situation. 8)

 

[Elliott]

I've been in the re-billing mood lately. I wrote a form letter
that said I was going to turn the lender in to Office of Thrift,
State Corporation Commission, and Mortgage Licensing
agency....and then I re-billed the owner and he said
he'd paid, cause the lender was such a flake.

My motto has become, bill soon, re-bill often.
As I told one of my best clients....please notice how
I got you this appraisal in two days....I'd like to be
paid with the same service, promptness and consideration.

I had one that I thought I'd never get paid on where
I dragged my feet, told them it would never make value,
they told me to go ahead, I still told them it wouldn't make
value...and so they cancel and I bill them $200. They got
all pissy, told me I was unfair, didn't spend enough time at
the house, but re-billed them twice, and viola, they paid.

go figure
elliott

 

[Mountain Man]

Congrads!! Love to hear success stories.

 

[Blue1]

Mike,

Glad to see someone is as behind as I am!!!! Hey, that company wouldn't start with an "A" would it? Shhhhhh......

 

[David Mullen]

Another item to add to the actions to be taken might be reporting them to the US Postal Inspectors if any part of the transaction involved the US Mail. It probably did at some point.

They will not enjoy their conversations with the Postal Inspectors.