What is the name of your state (only U.S. law)? live in Missouri transaction took place in Arkansas. We purchased a mobile home in 1997. We sold it in 2002 did a transfer of equity where buyer was supposed to have their own loan only paying what we owed. The lady at the company told us we were free and clear after we did a surrender of secured property. We got a call in 2009 saying the house was repossesed in 2004 and that we owed for this loan. I called company and got a copy of paperwork they had on file where transfer of equity assumption agreement was done only they marked section which said we were not released from liability. I never signed this only new buyer I never even saw it until 2009. I also got copy of purchase agreement showing me as seller and new buyer as buyer with amount she owed and agreed to pay. Lady from collection agency said it doesnt matter if i signed that or not it goes back to original contract. But it was not what we agreed to. my question is do i have any legal grounds for not owing this debt. Lady at collection agency said we didnt file a letter of arbitration but i never new i needed to we were supposed to be free and clear that was our verbal agreement and lady marked different box on contract that i never saw or sighned. Can anyone tell me where to start to get this resolved??/ Is there a statute of limitations on a repossessed home and collecting money?
What is the name of your state (only U.S. law)?
05-27-2009, 03:22 PM
Linear Mode
