A recent settlement for a client of mine was also one of my more satisfying resolutions to a case. My client took out a loan which was secured by her home for the purposes of opening a business. The business opened right before the recession and ended up closing shortly thereafter due to the downturn of the economy. My client had another, smaller loan, with the same bank and continued to make payments on the other loan, but was unable to also make the payments on the loan secured by her home. While making one of her payments, the teller credited it to account secured by the home instead of the smaller loan she intending to pay (this becomes important later). My client failed to realize this mistake at the time.
Subsequently, the bank sued my client for the debt on the larger loan secured by her home. On behalf of my client, my office raised numerous affirmative defenses including that the debt was beyond the applicable statute of limitations. The bank replied that the one payment my client made extended the limitations period from that point and that the statute of limitations defense did not apply. We of course disagreed and threatened to file a counter lawsuit under the Fair Debt Collection Practices Act.
After engaging in discovery with the bank, we were able to use the statute of limitations as leverage to negotiate the debt (of course that wasn’t our only leverage in negotiations). Ultimately we were able to agree on a settlement of $5,000.
If you have been sued for a Debt in South Florida our office may be able to help you. Call the Law Office of Shaya Markovic, P.A. for a free consultation at (786)529-2176. We have offices in Hollywood, Hialeah and Miami Gardens to best serve your needs. Call now for a free consultation!