County court claim
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Description
Experience Level: Intermediate
Need support with county court claim regarding shortfall on a property. settled payment of a property during housing meltdown in 2010. I approached the lender GMC RFC to offer settlement as I was distressed.
received letter accepting that I can sell the property as shortfall by a certain date. I only managed to sell the property about 15 days after the deadline. I tried to pull out of the deal fearing I may have to pay back in the future. i received several phone calls from the lender assuring me that they will never come back to ask me to pay for the rest of the shortfall. they said it was just a standard procedure. I then sold the property and pay all the money back to them.. The staff mentioned that the money received will go towards paying principal on the loan first, the rest to pay interest.
December 2017 received letter from debt buying agency re:county court claim, asking for the shortfall
I replied them informing I intend to defend fully and to confirm there acceptance for an extension should they need time to find the documents.
I then asked for the following documents:
1. all documentary evidence relating to how funds received from me was allocated - what portion went to principal and what portion went to paying interest because going back to the conversation with the lender, they have paid the principal on the loan with funds received from me. Therefore the funds they are requesting for is part of the interest on the shortfall which is time limitation barred - 6 years.
They replied that they are unable to locate the documents but that the previous assignee said it was principal. so I asked how is it possible to know it was principal when saying they could not locate the essential document
received letter accepting that I can sell the property as shortfall by a certain date. I only managed to sell the property about 15 days after the deadline. I tried to pull out of the deal fearing I may have to pay back in the future. i received several phone calls from the lender assuring me that they will never come back to ask me to pay for the rest of the shortfall. they said it was just a standard procedure. I then sold the property and pay all the money back to them.. The staff mentioned that the money received will go towards paying principal on the loan first, the rest to pay interest.
December 2017 received letter from debt buying agency re:county court claim, asking for the shortfall
I replied them informing I intend to defend fully and to confirm there acceptance for an extension should they need time to find the documents.
I then asked for the following documents:
1. all documentary evidence relating to how funds received from me was allocated - what portion went to principal and what portion went to paying interest because going back to the conversation with the lender, they have paid the principal on the loan with funds received from me. Therefore the funds they are requesting for is part of the interest on the shortfall which is time limitation barred - 6 years.
They replied that they are unable to locate the documents but that the previous assignee said it was principal. so I asked how is it possible to know it was principal when saying they could not locate the essential document
Tony A.
100% (1)Projects Completed
1
Freelancers worked with
1
Projects awarded
67%
Last project
23 Jul 2018
United Kingdom
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