What is the name of your state?Washington.
I have been served with a forfeiture notice in Washington State. I was admittedly two payments behind and had made several late payments in the past. However, in the notice from the contract holder, they ballooned the balance to cure over double! My attorney has went through the numbers and as far as he can see they have inflated the balance by about 10,000. My true # to cure is about 5,000....they want about 18,000 with atty fees. He has said that this is "material non compliance" We have filed a lawsuit and have moved to enjoin the forfeiture to the lawsuit. I have had two attorneys and an accountant verify all the numbers besides myself.
1. Has anyone ever heard of a seller on a contract get away with completely misrepresenting the finances and getting away with it (in court). Let me add that on the seller's schedules my payment history is accurate! However they have pulled a number out of a hat that is far and above an actual debt and are trying to get away with it. Their only explanation for the 10k difference will follow. I don't want to be blindsided on this.
2. The second question is....I made several late payments....I would then make lump sum payments. ie 4 x monthly payment. Other than late fees would catch me up to date. On a car loan if you make payments ahead without specifying what the payment is for....you then skip a payment you are still late because they apply the payment to the end of the loan (unless you specify). I have talked with a CPA and she stated that GAAP states that any payment made is applied to the oldest debt owing. There is no need to specify what a payment is for if you are two or three months behind and make a large payment to catch up. The seller is attempting (because of my lawsuit) to attempt to explain away their mistake by saying.....I missed month one and two but made a large payment on month three....I still owe for month one and two.
Let me add that I am not broke by no means. I have posted $10,000 to the court to cover what we think is the right amount. I am just not willing to take this crap from anyone and pay what I don't owe. Everyone has told me that the seller needs money. Has anyone in the world heard about such a misapplication of payments and could the seller pull this off in court?
Thanks
I have been served with a forfeiture notice in Washington State. I was admittedly two payments behind and had made several late payments in the past. However, in the notice from the contract holder, they ballooned the balance to cure over double! My attorney has went through the numbers and as far as he can see they have inflated the balance by about 10,000. My true # to cure is about 5,000....they want about 18,000 with atty fees. He has said that this is "material non compliance" We have filed a lawsuit and have moved to enjoin the forfeiture to the lawsuit. I have had two attorneys and an accountant verify all the numbers besides myself.
1. Has anyone ever heard of a seller on a contract get away with completely misrepresenting the finances and getting away with it (in court). Let me add that on the seller's schedules my payment history is accurate! However they have pulled a number out of a hat that is far and above an actual debt and are trying to get away with it. Their only explanation for the 10k difference will follow. I don't want to be blindsided on this.
2. The second question is....I made several late payments....I would then make lump sum payments. ie 4 x monthly payment. Other than late fees would catch me up to date. On a car loan if you make payments ahead without specifying what the payment is for....you then skip a payment you are still late because they apply the payment to the end of the loan (unless you specify). I have talked with a CPA and she stated that GAAP states that any payment made is applied to the oldest debt owing. There is no need to specify what a payment is for if you are two or three months behind and make a large payment to catch up. The seller is attempting (because of my lawsuit) to attempt to explain away their mistake by saying.....I missed month one and two but made a large payment on month three....I still owe for month one and two.
Let me add that I am not broke by no means. I have posted $10,000 to the court to cover what we think is the right amount. I am just not willing to take this crap from anyone and pay what I don't owe. Everyone has told me that the seller needs money. Has anyone in the world heard about such a misapplication of payments and could the seller pull this off in court?
Thanks
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