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7/27/2011
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Do they indicate what your lender has not that is illegal?
Do they indicate how they go about getting the loan extinguished?
Do they indicate what your lender has not that is illegal?
Do they indicate how they go about getting the loan extinguished?
I see.
I have reviewed the website you referred to and see several problems with their claims.
When your loan is sold, while you are no longer contractually obligation to pay the original lender, you remain indebted on the loan which was purchased by another company.
That company purchased the debt for a fee and can typically collect on the obligation from you legally. While you may be able to obtain a declaration from the original lender that you are no longer obligated to repay the loan to them, the new lender normally could legally enforce the obligations on the debt.
It is a common and legal practice for companies to buy and sell debt obligations. It is done with mortgages, furniture stores, and a host of other creditors.
To avoid a debt obligation such as a mortgage, you typically need a forensic auditor to review your loan documents and determine whether anything illegal took place on your specific loan that may permit you to avoid it. If so, a lawsuit would need to be filed seeking an order from the court determining that the debt is extinguished on some basis.
I would steer clear of a .com company claiming anything different.
I have reviewed the website you referred to and see several problems with their claims.
When your loan is sold, while you are no longer contractually obligation to pay the original lender, you remain indebted on the loan which was purchased by another company.
That company purchased the debt for a fee and can typically collect on the obligation from you legally. While you may be able to obtain a declaration from the original lender that you are no longer obligated to repay the loan to them, the new lender normally could legally enforce the obligations on the debt.
It is a common and legal practice for companies to buy and sell debt obligations. It is done with mortgages, furniture stores, and a host of other creditors.
To avoid a debt obligation such as a mortgage, you typically need a forensic auditor to review your loan documents and determine whether anything illegal took place on your specific loan that may permit you to avoid it. If so, a lawsuit would need to be filed seeking an order from the court determining that the debt is extinguished on some basis.
I would steer clear of a .com company claiming anything different.
Good luck and take care.
Tina
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