R
RDH
Guest
california
my husband applied for and recieved an open line of credit with bank of america nov 1999. We had only been married a week when he went into sign the papers they had him fill out a short term deed of trust to secure the line of credit, I however did not sign on the loan docs and i was not on the deed he had the house prior to our marraige. I also own a home out right I did not want to risk my property by signing on the loan. We requested payment protection and life insurance in case my husband became disabled or god forbid worse to protect the home he was approved and sent confirmation along with a policy for the insurance several days later. after the signing of the contract they provided my husband with a check made out to him for the full amount of the revolving credit he cashed it of course.
Unfortunatley several months later my husband was injured we made numerous attempts with the insurance company trieing to get them to pay on the policy to date my husband is still off work and receiving w/comp along with ss disability due to the injury the insurance company has since cancelled the policy never making one payment. we only recently learned that they never paid on the revolving credit accoun. we assumed they had paid because back 2000 dec we received a year end tax statement from b of a reflecting a zero balance and thanking us for our business. Not the case at all the account has been changed to a fixed rate interest loan with a new loan number that has been sold to a company who claiming to now own the note and is forclosing on our home based on the short form deed of trust that my husband signed for the maximizer account. we provided the docs we had and since have hired an attorney to help prevent the sale of our home tuesday sept 2003. Oh I might ad b of a refused to provide any docs regarding the so called fixed rate interest loan my husband has. we contacted the insurance company recently they informed us they could be of no help they dont even cover fixed rate interest loans and are unable to find our claim that was filed in 2000 they cant even find a policy on my husband at all. B of a told my husband that this is infact a charge off account and they have everyu right to change the type of loan and sell and forclose on the property because of the deed.
sorry this is so lenghty but im confused is this really legal? and what is a charge off account? does anybody know were i might beable to find info regarding the above issue? I would be ever so greatful for any feed back at all. I believe i am brain dead i cant even remember how to spell anymore let alone find a sight with regards to any of the above issues
thanks
my husband applied for and recieved an open line of credit with bank of america nov 1999. We had only been married a week when he went into sign the papers they had him fill out a short term deed of trust to secure the line of credit, I however did not sign on the loan docs and i was not on the deed he had the house prior to our marraige. I also own a home out right I did not want to risk my property by signing on the loan. We requested payment protection and life insurance in case my husband became disabled or god forbid worse to protect the home he was approved and sent confirmation along with a policy for the insurance several days later. after the signing of the contract they provided my husband with a check made out to him for the full amount of the revolving credit he cashed it of course.
Unfortunatley several months later my husband was injured we made numerous attempts with the insurance company trieing to get them to pay on the policy to date my husband is still off work and receiving w/comp along with ss disability due to the injury the insurance company has since cancelled the policy never making one payment. we only recently learned that they never paid on the revolving credit accoun. we assumed they had paid because back 2000 dec we received a year end tax statement from b of a reflecting a zero balance and thanking us for our business. Not the case at all the account has been changed to a fixed rate interest loan with a new loan number that has been sold to a company who claiming to now own the note and is forclosing on our home based on the short form deed of trust that my husband signed for the maximizer account. we provided the docs we had and since have hired an attorney to help prevent the sale of our home tuesday sept 2003. Oh I might ad b of a refused to provide any docs regarding the so called fixed rate interest loan my husband has. we contacted the insurance company recently they informed us they could be of no help they dont even cover fixed rate interest loans and are unable to find our claim that was filed in 2000 they cant even find a policy on my husband at all. B of a told my husband that this is infact a charge off account and they have everyu right to change the type of loan and sell and forclose on the property because of the deed.
sorry this is so lenghty but im confused is this really legal? and what is a charge off account? does anybody know were i might beable to find info regarding the above issue? I would be ever so greatful for any feed back at all. I believe i am brain dead i cant even remember how to spell anymore let alone find a sight with regards to any of the above issues
thanks