Wife got served over a loan… need advice

Loans
1

My wife is really stressed, and honestly, I am too, but panicking won’t help. Back in 2021, she took out a $2500 loan to help her mom and brother buy a home. She’s been making payments, and next week was supposed to be her last one.

She checked her account and saw that three payments were late, and two were deferred, but the loan still shows it should be paid off soon. The problem is, the lawsuit papers say the loan was sold last year and claim no payments have been made. Now they’re saying she owes $4k.

Is it legal for them to sell the loan and still take payments? And how do we handle this?

2

Something is off here. Either they made a mistake, or your wife doesn’t know the full story.

3

Zane said:
Something is off here. Either they made a mistake, or your wife doesn’t know the full story.

I asked her if she took out another loan or did something else, and she says no. I’ll look into it more just to be sure.

4

@Vega
Yeah, something doesn’t add up. You need to get all the details.

5

If the loan was sold, you should have been notified about where to send payments. This doesn’t make sense.

6

Abi said:
If the loan was sold, you should have been notified about where to send payments. This doesn’t make sense.

That’s what I don’t get. If it was sold, why were the payments still going to the original lender?

7

@Vega
Do you have proof? Bank statements, receipts, anything showing those payments were actually made?

8

Zane said:
@Vega
Do you have proof? Bank statements, receipts, anything showing those payments were actually made?

We should be able to pull all the bank statements, and the loan portal still shows all the payments.

9

@Vega
You need to call the lender and figure this out. If you’ve been making payments, but they’re saying you haven’t, something is really wrong here. Gather proof and demand answers.

10

Abi said:
@Vega
You need to call the lender and figure this out. If you’ve been making payments, but they’re saying you haven’t, something is really wrong here. Gather proof and demand answers.

That’s exactly what we’re confused about. The ones saying no payments were made are the company that supposedly bought the loan, but the original lender kept accepting payments. We have records of all payments in the loan portal and my wife’s bank, but we’ll have to go back a bit to get everything.

11

@Vega
Are you sure this lawsuit is real and not a scam? It makes no sense that you weren’t told the loan was sold. You need to call the original lender and find out what’s going on.

12

Abi said:
@Vega
Are you sure this lawsuit is real and not a scam? It makes no sense that you weren’t told the loan was sold. You need to call the original lender and find out what’s going on.

My wife said a woman knocked on the door and asked for her signature before handing over the legal papers. She said she didn’t know what was in them. I just hope she didn’t sign something that makes things worse.

13

This is an old trick. Lenders don’t always notify people when their loans get sold, which leads to situations like this.

You should contact your state’s attorney general or consumer protection agency. There are laws that require lenders to notify you before selling a loan.

14

@Luca
Good idea. Hopefully, this is just a mistake and nothing worse.