Bought Your Loan
you have been contacted by Cherokee regarding a past due debt, be
assured that we both have the same goal in mind:
Let's get this debt resolved!
We do want to make this process as simple and inexpensive as possible
for all parties involved. However, most of our actions are determined
by how serious you are about resolving your outstanding debt.
Cherokee does not originate
loans. The only way we come to own and service loans is when
we "buy" them from other lenders in the secondary market.
If you were contacted
by Cherokee Financial, and we announced that your loan has been
"transferred" to us, that means that your previous lender
sold the loan to us. This means that the money you owed to
the previous lender is now owed to Cherokee.
It often takes several
months for these transfers to be recorded at your County Clerk's
If your mortgage (home
loan) was recently transferred to Cherokee, you will have received
one or more letters.
If your loan was current
at the time of transfer, you were given advance notice by the former
loan servicer, as well as a "Welcome" letter from Cherokee.
If your loan was more
than 60 days delinquent at the time of transfer, then your former
loan servicer was not required to give you advance notice, and may
If you received a Notice
of Transfer letter from Cherokee, and your loan was delinquent
at that time, then the letter will have provided basic information
about the loan, as reported to us by your former loan servicer.
Wait For Payment Coupons
If you are supposed to
make regular monthly loan payments, then please do not wait to receive
a Payment Coupon Book. You are required to make payments whether
or not your lender "makes demands" or provides payment
coupons or envelopes. The absence of demand letters or payment
coupons is not an excuse for non-payment of a debt. For your
convenience, if you lost your coupons, or have not yet received
new ones from Cherokee, you can download and print a "blank"
payment coupon by clicking here.
to Make Payments
Please see our Make
Payments web page for more information regarding how you can
For the convenience of
our customers, Cherokee accepts online electronic payments using
the secure PayPal® system.
For more information, please see our PayPal web
You Had a Bankruptcy
Many of the loans transferred
to Cherokee involve borrowers who were involved in a personal bankruptcy.
In some instances, the information provided to Cherokee was incomplete
or inaccurate. This is one of the reasons it often takes us
several months to contact you after your loan was transferred to
While we make every effort
to maintain accurate records, and act in complete compliance with
all applicable laws, there will be situations where the records
provided to us, or the information that we were able to obtain from
sources deemed reliable, may be wrong. Whenever this is brought
to our attention, we verify and correct our records as quickly as
If you believe that all
or part of your financial obligation to Cherokee has been compromised
by a bankruptcy, please let us know as soon as possible. Ideally,
please have your attorney contact us.
You Are Divorced
If both you and your current
or former spouse both signed a Note that promised to pay back a
debt, then even if you later divorce, both parties remain personally
liable for the satisfaction of that debt. If your former spouse
promised to pay off the loan, and did not, then you should contact
your attorney immediately.
You Have Questions
If you are not sure how
much to pay, or where to send your payment, please call Cherokee
at 1-800-543-0201 during business hours.
Thank you for visiting this web site.
Cherokee Financial ... We
Make Non-Performers Work!