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kattorney
kattorney, Attorney
Category: Business Law
Satisfied Customers: 1169
Experience:  16 years experience with a concentration in business, corporate and contracts law
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I have had numerous problems with the community bank holding

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I have had numerous problems with the community bank holding my business and home equity loans since my divorce. They have modified them twice in 2 years, made the payments so high I struggle to pay them and tried to keep me broke, trying to foreclose at every opportunity, refusing to work with me on terms, raising my interest to 18%. My ex has personal and business ties with people inside. The plan from the start was for me to lose it in foreclosure so he could take it back. When I continued to find ways to pay the mortgage the bank stepped in to make it harder. They have already said they aren't refing my balloons in August although my mtgs are current and they paid down the equity loan $50,000 when I sold a property last year. My credit is shot so I won't get other financing.
I just looked up my loans and found my ex's name has been removed from the equity but not the smaller busiess loan, both which he guatenteed and were refied at the same time. I was never told he was released. Isn't this unusual? Vould the reason he wasn't released from the business be in preparation for him to take it back?
I can't afford an attorney. Is there any agencies that look into lenders liability and their fiduciary duty without my needing an attorney? The business is my only income source. If I lose it, I lose my home and literally will have nothing.
Submitted: 4 years ago.
Category: Business Law
Expert:  kattorney replied 4 years ago.

Kathie Russell :

Yes. The first thing you should do is call the Florida Banking Commission. Draft a letter to them detailing all of your problems and concerns, and specifically the fact that he has ties with them and he was released from some mortgages without your knowledge or consent. Before you do this, you should send a letter to the bank telling them exactly what you want to happen, and telling them if it does not you plan to file a complaint with the Florida Banking Commission. And then follow through on it. You can also, if applicable, send a copy to the FDIC, National Credit Union Administration, and the Federal Reserve. Use this link to find out who regulates your bank: http://www.helpwithmybank.gov/national-banks/national-banks.html

Kathie Russell :

If all else fails, contact a GOOD bankruptcy attorney. You can put your business or yourself personally into a chapter 11 or chapter 13 bankruptcy, and the bank will have to negotiate the loan. For example, I had a client in the same situation, the bank would not renegotiate the loan for the business's office condos when the loan came due, even though the loans were current. After all negotiation failed, the client put the company in bankruptcy and got a lowered payment and 5 year workout plan. The bank had no choice but to accept, and at terms that were lower than the client was offering. In 5 years the goal is for the client to be able to refinance elsewhere. Good luck!

Customer:

Thank you. This was a great answer and what I was looking to find out. I think they covered any out I have as far as bankruptcy though. I have had many loans over the years and never had such unusual and detailed papers drawn. They even put if my property doesn't bring enough in auction they could take more than allowed by law from any future paychecks, which I am sure they would.

Customer:

I am accepting your answer but if you have any further advice I would appreciate your sending it as it is only a matter of time before this all comes to a head again. I have managed to save it twice but have no where else to turn this time.

Customer:

thanks again.

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