Winter Park, FL asked in Banking, Contracts, Consumer Law and Foreclosure for Florida

Q: Can bank sell my mortgage for a discount without my knowledge the report deficiency on credit?

The bank filed foreclosure against my business and home which they held a heloc loan on after I couldnt pay a balloon pmt. I found a buyer for my business who was to pay off both loans in exchange for the business. At closing they arrived with "full" assumptions of my loans and were to give me releases from them. I refused to sign without something in writing from the bank they were pd in full. Bank vp came to closing, assuring verbally they were pd in full but said couldnt put in writing as they had sold the loans and had no further interest in them. After I still refused he signed a typed statement I no longer owed them anything. I discovered 6 months later they were reporting an amount which turned out to be the discount they had sold them for on my credit as in collection, skip trace. After complaining to the FDIC they stated it was a short sale and that was the deficiency. Can they do that? I never agreed or even knew about this sale.

1 Lawyer Answer
Terrence H Thorgaard
Terrence H Thorgaard
Answered
  • Business Law Lawyer
  • Freeeport, FL
  • Licensed in Florida

A: Your story is not quite clear. You found a buyer, the VP of the bank came to the closing and signed some sort of a release, but you also write that you "never agreed or even knew about this sale." Is that a different sale than the one you arranged?

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