Original Lender sold my loan to another before going bankrup

messychacha · Joined: 28 May 2008 Posts: 1 1.45 Dollars($)

Hi-
I have a property in Reno, Nevada. I refinanced the loan with my original lender and have all the paperwork to prove it. But somehow this company sold my old loan to another. I've been paying my monthly diligently on the new loan with my original lender but they went bankrupt and now the lender they sold my OLD loan is telling us we owe them. We have all the paperwork to prove that they are holding the old loan. But they stil insist and keep sending collection and foreclosure threats and phone calls. We've forwarded the payments to them (for he new loan) as well as all other payments returned from the old lender but they won't do anything to correct the mistake. What are my legal avenues to correct this?

smckaybiz · Posted: Wed May 28, 2008 11:45 am Post subject:

I need to see if I understand this correctly because that was a bit confusing. So what you are saying is that you had refinanced your original Mortgage with the same company that held your original mortgage? Then they went bankrupt. Now the company they sold your OLD loan to is requesting payment but what happened to the new loan that you got when you refinanced? Are you being asked to make two monthly payments for the OLD loan and the NEW? Please clarify this a bit.

Thanks

Guest 0.10 Dollars($)

I refinanced with the original lender and was already 3 months into paying the said loan when this ohter lender started sending us notice that they had bought off the loan and we were past due in payments. But the one they supposedly bought was the old loan. The new loan was still with the original lender that went bankrupt and now we can't even contact to update us on our situation. We've told the new lender of this predicament but they won't care until we pay up. The thing is the docs they were referring to have already been closed and we have all the papers. We have papers from the Title Company that the old loan has been paid off. All of these docs we already sent the new lender copies. In good faith we forwarded our existing loan payments to them ever since the original lender stopped accepting them as well as all other payments that got returned to us. We can go to a lawyer but we do not have the extra funds to afford one. And yet they continue to call and say that they are going for foreclosure.

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

Welcome Hermes.

I think you should demand a debt validation letter. You have the proof with you that you have already refinanced the mortgage. Then there is no question to pay the old mortgage. But be current on your present mortgage.

gmakerley · Posted: Thu May 29, 2008 6:58 am Post subject:

hermes, you make no mention of the involvement of an attorney in this mess. i think it behooves you to engage an attorney at this point to represent you and get things corrected.

what you are describing makes no sense.

smckaybiz · Posted: Thu May 29, 2008 8:36 pm Post subject:

Your state attorney generals office should have a hotline or phone number you can call to help get this resolved. The debt validation letter is a great idea and you can get an example of one throught the debt forum listed above. You might also contact the title company you used when you refinaced for assistance. This may save you some hefty atty fees.

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