Insurance annuity situation

[KiKiDee]

What is the name of your state? Oregon

i am receiving insurance annuity payments every 5 years for 30 years. i sold one of the payments prior to receiving it to a company that buys these and mistakenly cashed a check that legally belonged to that company after i signed it over to them.

6 months after i took this action and am mid process of buying a home, the company is now demanding the check. it amounted to $32,000 and is for the most part gone other than the $13,000 I have committed to the mortgage company as down payment on the house which should close within 3 weeks. i need to know what my best course of action is at this point. i have no problem with making payments to this company but I am in fear of losing this deal on my house. what are my rights?


I requested a letter of verification of debt and have since received that. I am growing anxious that they are going to attach my bank account prior to my being able to make the down payment on the house when things close.

Help!

 

[VeronicaGia]

Just bumping your post up in hopes someone will respond.

 

[Ladynred]

If you'd already sold the annuity to some company, WHY did you cash a check from the annuity distribution ????

 

[KiKiDee]

it's a long story, but it begins with a separation from my husband and a change of address for me. in the interim the paperwork for this transaction was lost. when i tried to determine what i had signed over and contact the company for that information they were untrackable by any of my means. i had signed this over in 1987. in contacting allstate- (the company that pays my annuities) they explained that this practice of buying up annuities- (i receive these as settlement after a serious car accident in 1983 and will receive 4 more after this) has actually been made illegal in many states because of the problems that have arisen just like mine. unfortunately oregon isn't one of them, and even if it was- at the time i signed it over it wasn't. allstate at that time changed the address of the annuity recipient back to my own and i attempted to find the company to see what the contract entailed. i didn't want to steal from this company if i actually owed this money but as allstate had put it, if i hadn't changed the address back, they didn't think this company would have! after receiving the latest check i waited two months to cash it. last week (a full 6 months since i received the check) i get a notorized letter from the company that i sold this to demanding the check that legally belongs to them. i fear i don't have a leg to stand on here but i did want to seek legal counsel prior to speaking with this company to make payment arrangements.

 

[Ladynred]

Good idea, legal counsel would be advisable.

 

[KiKiDee]

Yes- it's messy. I spoke to my original lawyer who has referred me to a credit/collections lawyer whom i haven't yet connected with. thanks for your response.