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Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12554
Experience:  25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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Purchased a new RV For $79999.00 put $8000.00(10%)down,I have

Customer Question

Purchased a new RV For $79999.00 put $8000.00(10%)down,I have credit scores 825,I aske MGR about a lower rate was told have to put more cash down,so I told her that let's see what the payment will be,there was a few insurance policy's Hi end for tires,mechanical, gap,paint & fabric total $8600 I had a previous bal of a RV policy I was to use and stated this was told never heard of them the usual, plus taxes $7200 all said and done
$87792.69 for $543.64 for 240 months,Signed got home had some savings put away that where paltry interest bearing,12k call the mgr ask if I put up 12k additional to the 8k for 20000.00 down and we remove the insurance bringing the 79999.00 to $59999.00 plus taxes for a total of $67126.00 for a total of 406.77 a month I ask could we rewrite the loan? mgr said I'll check with the loan officer,which he said was ok I ask about the first loan app bank said it was void and null and destroyed and that the 2nd loan would supercede the first anyway and it was acceptable to bank to rewrite and change terms for the second loan and that would be payment of 406.77 ,all done in good faith WELL 2 DAYS AGO Igot the banks letter $543.64 is due 5/30/15 I call bank was told it was an error and they'll rectify it,I ask the loan officer I thought you destroy the 1 app. he replied I put it in my notes and they did'nt read them,but if it was destroyed how did they have it to use for loan,WE're rectfying it! I ask for something in writing stating it was the banks fault...well now he won't return calls,instead has some girl call telling me shes waiting for the copies from storage to rewrite loan anyway I call her back asking for fax# ***** send her the copies of papers,shes not returning my calls!and the $406.77 payment is due 6/10/15, so could they bang me for 2 loans,...whats my options? TIME SENSITIVE ISSUE, ir I'm double banged for loan thats 200k,if I default are my assets in jeopardy?
Submitted: 2 years ago.
Category: Legal
Expert:  Andrea, Esq. replied 2 years ago.
Hi, my name is ***** ***** I will be glad to Answer your question
ANSWER-
It looks like somebody at the lender's office is asleep on the job because based on what you have stated, it appears that you are on the lender's books for 2 loans, but you received the proceeds from only one loan.
You would not have to pay the monthly installment for two loans, but until the lender straightens this out, their mistake will show up on your credit report as if you defaulted on the second loan. But, because this is very time-sensitive, it would be in your best interests to straighten this out in person, rather than continue to try to resolve this by telephone, and getting no response. As I said, you would not have to pay off 2 loans, but until you get it straightened out, the two loans will appear on your credit report and will show that you defaulted on one of the loans.
The only way to resolve this and to preserve your excellent credit score is to go to the lender in person and demand to speak to the lending officer who wrote the first loan and demand that he/she straighten this out, and also to demand that you be given the fist promissory note you signed, so that you can tear it up yourself. I know that this is time consuming and frustrating, but it is absolutely necessary in order to preserve your credit score.
IF I HAVE NOT ANSWERED YOUR QUESTION COMPLETELY, PLEASE LET ME KNOW AND I WILL BE GLAD TO EXPLAIN FURTHER
Kindest regards,
ANDREA
Expert:  Andrea, Esq. replied 2 years ago.
Hi, I see that you have had the opportunity to review my Answer. Is there anything that you would like me to clarify? If not, please be kind enough to leave a positive rating so that I can receive credit for researching your question and furnishing you with Answers. The deposit you made is with JustAnswer and it will NOT cost you anything additional to leave a positive rating, but it is necessary for me to receive credit for assisting you. Thank you for understanding,
ANDREA