Legal Question in Credit and Debt Law in Florida

If a non collateral creditor sells a loan and charges off the full amount, can the purchaser obtain a judgement against me?


Asked on 5/11/10, 11:29 am

1 Answer from Attorneys
Robert Wilcox Wilcox Law Firm

Yes. A chargeoff is an internal action at the lender, and does not in itself affect the validity of the debt. However, you should always confirm the validity of the debt before paying. It is possible, though unlikely, that the chargeoff was due to some defect in the documentation of the loan and does affect the validity of the debt.

Read more
Answered on 5/24/10, 5:56 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Florida