We made a a substantial loan. In mid December, a payoff was sent to our loan servicer , but we were not notified that it had been sent or received. We tried to reach the loan servicer but the owner, who, is seriously ill did not get back to us. Today, we called the borrower and found out that payment had been made. When we finally reached the owner , she told us that the Franchise Tax Board (FTB ) had seized her accounts, and that our money was in those seized accounts.
Although she assured us that she has ample funds to pay the FTB and get our money released, we are not sanguine about this. For one thing, she is very ill, and while we are sympathetic, she does not return phone calls or respond to emails with any regularity. Moreover we are concerned that our money was not in a protected trust fund, as we had believed it was.
We read about approaching the FTB to make a third party claim, wondered what advice you might have about that or what the best way to get our money back
Although she assured us that she has ample funds to pay the FTB and get our money released, we are not sanguine about this. For one thing, she is very ill, and while we are sympathetic, she does not return phone calls or respond to emails with any regularity. Moreover we are concerned that our money was not in a protected trust fund, as we had believed it was.
We read about approaching the FTB to make a third party claim, wondered what advice you might have about that or what the best way to get our money back
State Taxes: Ftb Seized Loan Servicer’s Account with My Money in It. How to Get It Back
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