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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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My issue is the bank promised me 100% equity on my home with

Customer Question

Customer: ***** *****, My issue is the bank promised me 100% equity on my home with a time window of 4 weeks for 50,000.00 They knew that i was paying off a Double wide home with my IRA and assured me that all was good so they wrote a check to the mobile home comany out of my IRA and later informed me that they cant do the loan as my house sits on 6 acres and they only allow 5 acres on a home equity line. This will make me have to pay income taxes on my retirement IRA that they knew about. Do i have any grounds to sue them for the taxes i will incure for the trust i put in this financial instatution. They claim that there is nothing they can do. Thanks
JA: Thanks. Can you give me any more details about your issue?
Customer: My issue is the bank promised me 100% equity on my home with a time window of 4 weeks for 50,000.00 They knew that i was paying off a Double wide home with my IRA and assured me that all was good so they wrote a check to the mobile home comany out of my IRA and later informed me that they cant do the loan as my house sits on 6 acres and they only allow 5 acres on a home equity line. This will make me have to pay income taxes on my retirement IRA that they knew about. Do i have any grounds to sue them for the taxes i will incure for the trust i put in this financial instatution. They claim that there is nothing they can do. Read more: http://www.justanswer.com/law/37myw-sue-bank-unfair-practices-notified.html#ixzz3wZ0FC0jT
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Customer: I can wait. I live in Maine can they give advice for that state ? If not i dont want to spend the 36.00 for it
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Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Dwayne B. replied 11 months ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts.

Did they put this in writing before you moved forward on the transaction?