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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 3889
Experience:  25 years of experience in general practice, real estate law and estate law.
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I have been in business 35 years. In 2009, I began asking my

Customer Question

I have been in business 35 years. In 2009, I began asking my bank if they could help me by taking 2 pmts and putting at end of mortgage. I was told for a year they are helping people 6 months to a year behind and they didn't see me as having a need because my pmts were current. In 2010 my loan officer came to my business and told me to let my payment go and they would see me as having the need. 2 weeks later they said they couldn't help now because I was in default, They sent a representative to my business and told me I had to sign a Forbearance for 6 months. That was 2 years ago, now they are offering another 1 Year forbearance that sets me up to Fail. I have paid them over 40,000.00 in the past 18 months and paid 10,000. down in principle....the first forbearance says I waived all defense and rights..of course I didn't read it or get a chance to have legal advice since they insisted I sign it when they came in while I was working. devastated, they convinced me they would foreclose on me if I didn't sign it.Do I have any way to save my building?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 1 year ago.
Hello and thank you for your question.

Did you file a complaint against the loan officer for providing with you incorrect information? Do you have anything in writing from the loan officer stating the type of assistance you would receive if you were behind on payments?
Customer: replied 1 year ago.

Who would I have filed a complaint with? I was referred out of the bank and into Special Assets within 3 weeks! I didn't even know what was happening! He was terminated..not sure why...I have basically been told my local bank is out of the picture. He later asked my CPA if the bank was helping me! Not one representative from anywhere explained what the consequences of that advice would invoke! It seems to me they have some legal responsibility?

Expert:  Attyadvisor replied 1 year ago.

You may be able file suit alleging fraud on the part of the lender. You would file suit stating that you were mislead into entering into the forbearance agreement.

In a recent California case Riverisland Cold Storage Inc. v. Fresno-Madera Production Credit Association the lender was held liable for fraud. http://www.hopkinscarley.com/?t=40&an=17446&format=xml&p=

The Illinois Attorney General sued a mortgage rescue company on a forbearance agreement.

The Michigan Attorney General has 3 different sections set up for investigations at http://www.michigan.gov/ag/0,1607,7-164-34391-217680--,00.html

You can file a complaint for mortgage fraud with the Michigan Attorney General at http://www.michigan.gov/ag/0,4534,7-164-17331-225762--,00.html

 

This is a link for other agencies to report mortgage fraud http://www.mortgagenewsdaily.com/mortgage_fraud/report_Michigan.asp

 

The other option is to file suit against the lender for fraud.
The attorney you spoke to may not have been familiar with the recent court decision stated above.
Expert:  Attyadvisor replied 1 year ago.
i wanted to check in with you to see if you have any follow up questions for me.


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