I took out an unsecured personal loan to fix a problem with my house. My circumstances change so I am making partial payments. Today I got notice the lender is selling my loan to another one of their out of state branches which is a mortgage lender. I don't have a mortgage with these people. I am thinking they are doing this hoping I will call them so that they can get my number and harrass me again(They called me at all hours of the night and day 7 days a week despite partial payments so I changed my # to an unlisted one) Can a non-mortgage lender sell to their mortgage branch and if so for what purpose? If they report to the credit bureau as a mortgage company, can I challenge owing the money on the grounds I don't have a mortgage with them?
2007-06-14 16:05:18 · 6 answers · asked by Wildfire 3 in Business & Finance ➔ Credit
JACK: YOU ARE OBVIOUSLY A CREDITOR THAT HAS BEEN BURNED. I AM NOT HIDING;I AM MAKING PAYMENTS AND ALWAYS HAVE BEEN BUT I WAS BEING HARRASSED BY THESE JERKS CALLING ME AT TIMES THAT ARE NOT EVEN LEGAL TO INSIST I CAN LEAVE MY SECURED DEBTS UNPAID TO PAY THEM GREATER AMOUNTS SO I CHANGED MY PHONE NUMBER. I STILL LIVE AT THE SAME PLACE AND CONTINUE TO SEND A CHECK FOR NO LESS THAN $30/MTH.
2007-06-15 13:04:24 · update #1
They are selling the loan because they found an investor to buy it. It happens all the time, especially in the mortgage business. Your contract will stay the same, just your payments will go somewhere else! Just because it's a mortgage company "name" does not mean it's an actual mortgage.
2007-06-14 16:10:32 · answer #1 · answered by healthspot_2000 4 · 0⤊ 0⤋
A creditor can sell your loan to whomever they choose. When your loan is sold the agreement you have to make partial payments does not need to be honored by the new lender. A lender is doing you a favor and helping you out by allowing you to make partial payments. Most lenders will call you constantly to keep the pressure on you to get caught back up on your payments and begin making full payments again. Even if a mortgage company reports a debt, the chances are they will still report the debt as an installment loan. Even if they report it incorrectly as a mortgage you have 0, none, zilch ground to stand on to contest the debt or contest owing them money if they do not report it 100% accurately. The bottom line is you borrowed money and you are responsible to pay for it, no matter how it is reported, who it is sold to or how many times it is sold. I am sorry that I do not have a better answer for you but I am just being honest.
2007-06-14 16:15:35 · answer #2 · answered by dzwreck 4 · 0⤊ 0⤋
Just like that bank can sell a loan to anyone at any time, you can also refinance the loan with another company. and pay it off if you can get lower payments over a longer period of time. You also can contact a credit counseling agency and try to get them to go in and get your bills lowered.
Just watch EVERYTHING that they do. I had one and thought that they were handling it, when they were really making monthly payments to banks that they had not made any agreement with. While I was blissfully not watching, my bills increased over 30 thousand dollars due to late fees and overage charges from these banks. Then the banks were sending the monthly statements to the credit counseling bureau. It took me a long time to find out about it. Over a 2 1/2 year period, my 12 thousand dollar bill went to 26 thousand and I had paid 18 thousand on it.
I wound up filing chapter 13 bankruptcy and am fully happy that I did it. My only regret is not doing it sooner. I guess that's my message. If you're bankrupt and need the new start, go for it now. Don't wait. There are two kinds. Chapter 7 erases all of your debts, but any assets you may have, like your house, may be up for grabs. Chapter 13 protects some of your assets and you make a monthly payment to the court until your debts are paid off.
Try to find an attorney that is experienced without being a big-box type of place. I went to one of them and some of the advice I got was less than perfect, but I'm just about done with it now and I did save the house.
If you've changed your phone number so that creditors can't contact you, you're definately in that territory.
2007-06-15 00:08:57 · answer #3 · answered by suekaveny 2 · 0⤊ 0⤋
Any loan can be sold to someone else unless the original loan contract states that it cannot be sold. If you read all the fine print in your loan agreement, I am sure that, buried in there somewhere, they have inserted a clause that allows them to sell the loan.
No, you cannot challenge that you owe the money, since whichever branch of their firm has taken over the loan must honor the conditions of the original loan, as well as you must.
Their reasons for intercompany sale might be as simple as collection practice. Perhaps their mortgage branch has more qualified personnel to deal with your scenario.
2007-06-14 16:11:51 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
Anybody can sell a debt to anyone and a mortgage lender can hold unsecured debt. Companies like Wells Fargo and Citi do it all the time.
If you're avoiding creditors, you can bet that its on your credit report.
If you decide to challenge them, you'll have to come out of hiding .... are you willing to do that?
2007-06-14 20:59:46 · answer #5 · answered by Jack 6 · 0⤊ 0⤋
as with many phone no's insurance policys .c/o's off load tax -sales reason etc its in the discloser contract somewhere as if not they couldnt do it
hot canvasing phone marketing sell sheets to any one or c/o for$$$ and you get the call (hi where looking for 20 people to bla bla bla for only$35.00 or so
2007-06-14 16:19:36 · answer #6 · answered by the gate keeper 1 · 0⤊ 0⤋