Over ten years ago, my mom made the mistake of going through Beneficial Finance to get a mortgage. Some years later, she took a second, smaller mortgage with them. At the time of her death a few years ago, she owed approx. $45,000.00.
As Mom died without a will, we've had to probate the estate. I'm the one in charge, and have everything in my power to settle all her debts and sell the property. However, the economic downturn has made that nearly impossible.
West Asset Management purchased the debt from Beneficial, and made an offer to settle for 50% of the amount owed. Based on my attorney's advice, I didn't respond to their offers, (they made more than one), as I could theoretically be liable should there be no sale.
At long last, I have a buyer who has the financial standing needed to buy the estate outright. (Nearly every other prospective buyer wanted me to owner finance, something I am not studying on doing.) I've filled out a HUD 1, and faxed it and a copy of the sales contract to WAM. Since then, I've been hounded by Cade, who seems to think I should either pay the full amount owed out of my pocket, or give them the full amount of money I'm offered.
There are several things wrong this with the line of thought:
1) It is not my debt, and I am under NO obligation to pay it. The court has ordered me to sell the property, to settle this debt. I informed Cade I knew of my consumer rights in regards to credit and loans, and he backed off that refrain.
2) I'm offering them a settlement just $3,000.00 less than what they proposed to me. Cade tried to tell me there was now far more owing than I thought, to which I replied I'd not seen it in writing, and until I do, I was going on the information in their last correspondence to me.
Cade apparently didn't take too kindly to me knowing my rights, so he chose to phone me at odd hours, demanding to know why I was selling for a low price, why didn't I hang on another few years, and when was I going to pay them off. The process of probating hasn't been easy by any means, and the stress has left me with a heart ailment. When he woke me up on a day when I was feeling quite ill, I let him know in no uncertain terms that any and all correspondence is to be solely via my attorney.
I've not heard from WAM since then, and neither has my attorney. However, I'm sure they're lurking about, trying to figure out what to do next.
