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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33803
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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I did a bk in October 2012 i had a loan from chase bank that

Customer Question

I did a bk in October 2012 i had a loan from chase bank that was suppose to be a equity loan but they never filed a lien the loan was done in 2006. They keep telling me I still owe them. I have checked and there are no liens except the first. What can they do I get threatening letters I better contact them and work it out to save my property
Submitted: 8 months ago.
Category: Legal
Expert:  Barrister replied 8 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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If they never filed the lien against the house so as to secure the property collateral for the loan, then they would stand in the position of an unsecured creditor for the loan so you would have just personally owed it to them.

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When you filed BK, that would have extinguished your personal liability for the debt and the bank is essentially left out in the cold because they didn't secure their loan by recording a lien on the real estate that the loan was made on.

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So it would appear as though you have one of those rare as a unicorn situations where the lender can't do anything legally to enforce their loan since they made the mistake of not securing the debt against the property.

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With that said, you can either ignore them or send them a letter stating that they are in violation of the Fair Debt Collection Practices Act by misrepresenting the status of the debt, specifically:

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15USC 1692e
(2) The false representation of --
(A) the legal status of the alleged debt
(B) any services rendered or compensation which may be lawfully received by anydebt collector for the collection of a debt.
,

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and if they contact you about the debt again, you will sue them for the statutory $1,000 allowed by law per contact as well as filing a formal complaint with the Federal Trade Commission for their violation of the FDCPA.

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thanks

Barrister

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