Ask a Business Lawyer. Get Business Law Questions Answered ASAP.
Are you there? I sent two other messages and would like answers please. Also what does it mean to rescind the loan even if that happens, just wondering. Would the bank have to reissue the loan as a home line of credit then recall it?
I know I can not keep the funds I am hoping this would buy me more time and perhaps reach a settlement where by the bank finally may accept less than what owed and have a brother or a friend payoff the loan.
In two prior messages I explained to you that I did not know that the bank was switching it to a business line and reasons for that are1) I had business accounts at the time and the bank did not want to loose accounts I had with them for 20 years, so they did not ask me to payoff the home equity line2) This way they can insert the confession of judgement which they could not do in a consumer loan.
I repeat ALL of the funds were used when the loan or personal expense
when the line was home equity. I received no funds from the loan after it was switched. All the funds from the business line went back to the bank to pay off my home equity line. I did not see any of that money
No, I was not and that is why my attorney is filing motion to vacate because bank failed to provide needed documents when a. Business line is offered to consumer.
No Thank you very much
No follow up questions