Cherokee Bought Your Loan

If 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 Office.

Notice of Transfer

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 not have.

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.

Don't 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.

How to Make Payments

Please see our Make Payments web page for more information regarding how you can make payments.

For the convenience of our customers, Cherokee accepts online electronic payments using the secure PayPal® system.  For more information, please see our PayPal web page.

If 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 us.

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 possible.

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.

If 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.

If 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.