What are my rights if when I was about to make a loan payment I was told by a creditor that they could not receive it because they had sold my loan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What are my rights if when I was about to make a loan payment I was told by a creditor that they could not receive it because they had sold my loan?
They gave me the phone number to the new owners. When i called then I was told that they did not have any information about the loan at this time and could not take a payment. This went on for a few months. Recently, I received a letter from my first creditor stating that they were now the owners of my loan again and wanted payments for the back months. They sold my loan 4 months ago and brought it back last month. Do they have the right to expect payment for the months that they did not own the loan from me?
Asked on April 15, 2014 under Business Law, Maryland
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
If they legally now own it and you did not in the meantime make payment to whomever had owned it in the interim--then yes, they have the right to expect payment. Your obligation to pay did not end when the loan was sold--it simply transferred first to whomever owned it at the time, then next back to the original owner(s) when the re-purchased the loan. Any amounts in arrears (i.e. previously unpaid) are due to the person or entity which owns the loan now.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.