Chase Bank has a lien on my property because of credit card debt. I called them to try to work out a settlement. They said my debt no longer belonged to them...they sold it to a collection agency. The collection agency referred me to a law firm...who in turn referred me to another law firm. I'm getting the run around trying to settle this debt. Can Chase still hold the lien even tho they no longer own the debt?
Generally, a lien for credit card debt is a judgment lien, meaning there is a court case somewhere. My impression from what you are saying is that Chase obtained the judgment, but then sold the account. Alternatively, Chase sold the account and the assignee of the account obtained the judgment. You should be able to communicate with the law firm that obtained the judgment, although I can see where there would be trouble if this happened some time ago and the debt was transferred after the law firm did its job.
I agree with the suggestion that the Fair Debt Collection may come into play. If you are not successful in getting to a solution, keep notes of what you are being told (date, time, contact name, substance of conversation) and if anyone is able to fax or mail you information, keep a file.
The other consideration is whether you should be paying this debt. If resolving this is the only thing impacting you financially, then by all means see what you can do. If, however, solving this just leaves many other financial concerns, then you should arrange a consultation to determine if bankruptcy is in your best interest. Too often, individuals spend months or years trying to resolve debt, tapping into all their resources, using up exempt funds such as equity in their home or retirement accounts, only to end up filing bankruptcy after much stress and being fully exhausted financially.
The scope of this space does not afford an opportunity to assess the situation and advise you. I recommend you assemble for legal consultation: (1) your income information for March 2012 through the present, including wages and unemployment during that period; (2) all your bills (copies neatly assembled, back pages included); (3) last four years’ tax returns; (4) a credit report (use www.annualcreditreport.com to obtain free report if not requested in last year); and (5) other information that may apply, such as copies of lawsuits. Call at your earliest convenience to afford the most opportunity in which to be advised about your best course. You are not required to use an attorney in your area.
I do not recommend filing bankruptcy on your own. There are too many complex issues. I have seen several posts on this site for debtors who filed on their own and are seeking counsel concerning complications. Most of them will have a hard time finding an attorney to get involved to unwind the mess without the attorney charging several times what would originally have been paid.
The scope of this space does not afford an opportunity to adequately advise you. The response provided is intended to be informative, but not final. You are advised to arrange a consultation at which all facts and documents can be explored and terms for representation agreed. An attorney-client relationship must be formally established.
Well, the bottom line is that if Chase has a a lien on you, and it's not removed another way, then only Chase will take it off. You are going to have to settle with whomever Chase sold the lien to. It could be confusing to figure out, I'm sure.
Sounds frustrating. Chase is the party that must remove the lien, and if they no longer own the debt they shouldn't have a lien on your property. If you want to cover all your bases, get proof from whoever owns the debt that Chase sold it to them and that they now own it. It's not a bad idea to mention the Fair Debt Collection Practices Act (FDCPA) in your letter. Also best to send a letter to the debt collection and its attorneys. Once you pay off the debt, get proof that it is paid. Then send a request for removal of a lien to Chase (and their attorneys). If they refuse, you'll have to file a quiet title action.
The information in this answer is not intended as legal advice nor do I intend to create an attorney-client relationship with any reader simply by answering this question or contributing as a member of AVVO.
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