OCEAN CITY, Md. — Debtors and their lawyers are exhibiting greater gamesmanship with current regulations affecting collections and foreclosures, Franklin Drake explained during the Maryland & D.C. Credit Union Association's annual meeting last week.
The first thing a bankruptcy lawyer will request is the note, which credit unions typically don't have a problem with because credit unions typically don't sell their loans. However when it comes to the "qualified written request," it can be a whole other ball of wax, said Drake with the Raleigh, N.C., law firm of Smith Debnam Narron Drake Saintsing and Myers.
With a QWR, a credit union must produce a comprehensive payment history of the account from "day-one, dollar-one." When a credit union takes over another in a merger or assumes a loan, problems can occur in producing a clear and complete payment history because of problems with antiquated operating systems or other reasons.
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