angelina29
Junior Member
What is the name of your state (only U.S. law)? FL
My bank sold my heloc loan at a discount but gave the buyer a full assignment. I learned of this sale the same month when I sold a property to the same buyers who bought the loan. Originally the buyers were to pay off this loan and get credit against the property they were buying from me. The buyers had a release for me from the loan but I refused to close on my property without something in writing the bank was paid in full. The bank VP was called to closing, told me verbally it was fully paid but said couldnt put it in writing as the bank no longer owned it or had any interest in it. Digging ,y heels in he finally signed a statement I owed the bank nothing, I got the release from the buyers holding the loan and thought all good. Until I found the bank reporting a defficiency in collection (no attempts to collect made) later changed to a charge off on my credit. I disputed this with the bureaus with the statement I owed nothing but bank replied it was a short sale. They have never sent a 1099c. Is that legal? At best it seems like fraud and deception on behalf of the bank at worst conspiracy with the bank and buyers.
My bank sold my heloc loan at a discount but gave the buyer a full assignment. I learned of this sale the same month when I sold a property to the same buyers who bought the loan. Originally the buyers were to pay off this loan and get credit against the property they were buying from me. The buyers had a release for me from the loan but I refused to close on my property without something in writing the bank was paid in full. The bank VP was called to closing, told me verbally it was fully paid but said couldnt put it in writing as the bank no longer owned it or had any interest in it. Digging ,y heels in he finally signed a statement I owed the bank nothing, I got the release from the buyers holding the loan and thought all good. Until I found the bank reporting a defficiency in collection (no attempts to collect made) later changed to a charge off on my credit. I disputed this with the bureaus with the statement I owed nothing but bank replied it was a short sale. They have never sent a 1099c. Is that legal? At best it seems like fraud and deception on behalf of the bank at worst conspiracy with the bank and buyers.