Legal Question in Credit and Debt Law in California

Home Loans

I applied for and got an equity loan from a company that then sold the loan. The new company did not contact me for 7 months and I could not find out to whom the loan was sold. The new company now says that I am in arrears and must requalify although several reps including one from the ''Office of the President'' have offered solutions that I have agreed to but were then rescinded by another rep. They finally sent a certified letter outlining how the payments were to be brought current and gave me until July 8 to comply. In the past week, however, reps have contacted me several times to renegotiate. I do not want to negotiate or requalify, only to bring the loan current. Does the certified letter take precedence over any verbal wrangling by the representatives?


Asked on 6/27/07, 1:06 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Home Loans

How strange. Yes, if you can comply exactly with the terms of the letter without giving them any wiggle room (don't mail checks that they can deny receiving, use a non-repudiable method of payment such as wiring the money by bank wire transfer, or Moneygram Express Payment or Western Union Quick Collect if available) then it would seem you have fully complied with your obligation.

You must keep careful copies, records and notes of each verbal and written communication. If you are told something verbally and you wish to later prove or rely on the verbal communication, send a confirming letter certified mail return receipt requested.

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Answered on 6/27/07, 1:32 pm


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