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Loren
Loren, Attorney
Category: Business Law
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Experience:  30 years experience representing clients .
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I am in Michigan, in 2005 i settled on a case with 53rd bank

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I am in Michigan, in 2005 i settled on a case with 53rd bank on a loan. Now comes a company saying i owe more money on this loan and taking me to court. i need information on going to court on the same matter.
Submitted: 7 years ago.
Category: Business Law
Expert:  Loren replied 7 years ago.
Did you receive a release on the loan when it was settled? Did you fully comply with the settlement?
Customer: replied 7 years ago.
this is second responce. I did not recieve a relese on the loan. I did give money and complyed with settlement. in 05 the case was dismissed without prejudice.
Expert:  Loren replied 7 years ago.
Without having seen the paperwork it sounds, from what you say, that the 2005 lawsuit did not completely discharge the loan. Dismissing without prejudice means the lender may refile the lawsuit.

Look through your documents. It may be that the loan was in arrears in 2005 and the settlement merely brought the loan account current without actually discharging it in full. That would explain not getting a release.

You don't say how much money is involved or if the loan is secured by collateral, but it sounds like a situation you should review with your own local counsel. These situations have a tendancy to develop their own momentum and not go away on their own. In the meantime the loan is accruing interest, fees and costs.

Good luck. Feel free to contact me if you have any follow up questions.
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