I got a loan from CitiFinancial. they put a lien on my house for the $25,000 loan. I pay $500/month and have paid 15,000 so far. they say I still owe $19,000 BUT they were bought up by Firestone.
I was told that legally, I owe Citifinancial who is not in existence. I am not trying to get out of my loan, I want the lien removed. if my lien is with CitiFinancial, not Fairstone, shouldn’t it be removed?
You’d have to go back to your original loan agreement and see what it has to say about transfers and assignment.
I believe you actually live in Canada.
I would bet CitiFinancial has such a clause in the agreement you signed. It’s fairly common. This would allow CitiFinancial to sell your loan and transfer it to a new company. But there is more to the story.
The issue gets a little murkier. According to a press release, Fairstone Financial is actually just a rebranded CitiFinancial in Canada. On top of that, Fairstone was then purchased by “J.C. Flowers & Co. LLC and Värde Partners, global investors.” – Source
So before you jump to the conclusion that Fairstone has no right to collect on your debt it appears they own, I would suggest you get more information directly from Fairstone regarding the status of your rebranded CitiFinancial loan.