Ms. [redacted] is currently in default on a separate contract that she is legally bound to repay with our company. I tried to explain to Ms. [redacted] that there is a clause in both of the contracts that she signed which is check marked that specifically states "collateral securing other loans...
with which you may also secure this loan" was checked. Unfortunately, she yelled at me and hung up the phone before giving me the opportunity to advise her that I would have our attorney review the contracts to see if the security agreement was enforceable and then advise her accordingly. I believe that I am within my rights to inquire of our legal options regarding this matter before releasing her collateral that may legally secure her other loan. Before she hung up on me, I advised Ms. [redacted] that it would be in everyone's best interest for her and her husband to address their contract which is currently in default and make proper payment arrangements as they both are legally bound to repay that contract. Now that one of her contracts is paid, she should have the ability to make payments on her other contract with us. However, she has now demonstrated to me that she has no regard for her legal obligation to repay the money she borrowed. It is not my intention to hold anyone's title without having the right to do so. Therefore, I am proceeding with reasonable steps that are within our rights to determine if this clause within the contract is enforceable. I will act on the advice of our attorney and respond to Ms. [redacted] accordingly in a timely manner.Joseph C[redacted]
Ms. [redacted] is currently in default on a separate contract that she is legally bound to repay with our company. I tried to explain to Ms. [redacted] that there is a clause in both of the contracts that she signed which is check marked that specifically states "collateral securing other loans...
with which you may also secure this loan" was checked. Unfortunately, she yelled at me and hung up the phone before giving me the opportunity to advise her that I would have our attorney review the contracts to see if the security agreement was enforceable and then advise her accordingly. I believe that I am within my rights to inquire of our legal options regarding this matter before releasing her collateral that may legally secure her other loan. Before she hung up on me, I advised Ms. [redacted] that it would be in everyone's best interest for her and her husband to address their contract which is currently in default and make proper payment arrangements as they both are legally bound to repay that contract. Now that one of her contracts is paid, she should have the ability to make payments on her other contract with us. However, she has now demonstrated to me that she has no regard for her legal obligation to repay the money she borrowed. It is not my intention to hold anyone's title without having the right to do so. Therefore, I am proceeding with reasonable steps that are within our rights to determine if this clause within the contract is enforceable. I will act on the advice of our attorney and respond to Ms. [redacted] accordingly in a timely manner.Joseph C[redacted]