Last year, I refinanced my home with a VA loan. The mortgagee hired an escrow firm to handle all disbursements to my creditors. I negotiated settlements with all 6 of my creditors (their agents), and checks were issued for the negotiated settlement amounts and the checks were all cleared. All but one of the creditors has updated my credit report.
I settled the outstanding debt to this creditor through their designated agent (collection agency) on 1/4/2019. The mortgage company demanded proof that the settlement had been received and the debt resolved before issuing me a check for the remaining balance. The creditor provided me such a statement dated 1/10/20, which reads, in part, "Your acct ending in 2898 has been settled on 1/4/2019 thru our outside agency ACT. The remaining balance is $3783.03. This has been updated with the Credit Bureau as Settled for less than the balance owed."
Because the creditor's statement says, "The remaining balance is $3783.03" the mortgage company is refusing to release the remaining funds to me as they have done with all of the other accounts. What action can I take to force the mortgage company to release the funds which are rightfully mine?
Very interesting story; but incomplete. You told us everything except how much money is being held up by the bank. Unless the amount you are expecting is significant it may not be worth while to file a lawsuit against the bank. However, a letter from an experienced lawyer might shake it loose. Hire one.
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