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Heres what I am looking for. I am in a lawsuit with a bank. I am looking for federal or state laws that may have been violated
Heres the scoop
I applied for a 30 year res mortgage. I lived in another state and was making the buy/sell offer from out of state.
Prior to the closing the only papers I received form the bank was a 30 year good faith estimate for res mortgage and a truth in lending 30 year res mortgage
At the closing they switched loans and gave me an 18 month commercial 'construction loan' or a commercial lone of credit.
Neither me nor my realtor who was with me caught this, nor did the closing agent make any mention of anything.The bank has been ordere by a supreme court to stand trial for fraud. That's obvious.
So I am looking for respa or other violations in banking laws, for instance- they are claiming it was a straight line of credit for $300K. However , I received no monthly statements for over a year. The only statement I received was a mortgage interest statement at the end of the year, and it made no menion of a line of credit, nor did it say 'commercial'
They withdrew $2200 monthly from my bank account. I thought I was paying a 30 year mortgage.
Arent they required by law to issue monthly statements on a line of credit?
Yes it was, that's a given
According to in house memos found in discovery, the loan officers had determined the property was in business /commercial zoning and precluded it from the 30 year rez mortgage I applied for. They failed to disclose and gave me a predatory loan which set me up to fail.
What I am looking for is banking violations aside from the obvious fraud. I want to hit them as hard as I can in pre trial.
I went over those and couldnt find it.... I believe they legally have to send monthly statements, which of course if they did I would have caught it
Well they took monthly withdrawals from my account, but no statements. Is there a law that says if a line of credit has a future due date ( they all do?) then no monthly statements have to be issued?
where can I find this info?
I probably need to ask a banker or loan officer?
okay lets talk about that. what are loan documents? the only thing I was provided was a promissory note. period. Thats the extent of any loan documents
well it does not specify month etc, and in fact it says that upon a 100K paydonw they would release collateral. Whn I attepted to do that, they refused and said they now wated 200K paydonw. So they did not follow their own note?
okay I will re read it. And yes they refused to honor the terms. I did not win on the breach of contract just the fraud
I will go over it all again, thanks,
exactly. I got screwed in many ways, but I didnt have a lawyer. gotta go.
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