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we have a commercial building that went into forclouser, we…

Customer Question
we have a commercial building...
we have a commercial building that went into forclouser, we have been working with wells fargo and was about to sign the new loan today. They have collected all the payments and the interest from us for the time that the loan was in forclosure. Today the day that everything was about to get finalized, they said no, we have changed our mind and we are going ahead with the forclosure. Do we have any rights here?
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 29 minutes by:
6/23/2010
Real Estate Lawyer: socrateaser, Lawyer replied 8 years ago
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 40,165
Experience: Attorney and Real Estate broker -- Retired
Verified

If you can prove that the lender agreed to give you a new loan in exchange for some new agreement on your party, such as payments in addition to those ordinarily required under your mortgage -- or, if you can prove that you were offered a new loan from another lender that you did not accept because of your reliance on your current lender, then that would be an enforceable contract and you can sue the lender for damages.

 

But, if all you did was to make the payments that you were obligated to make under the existing loan, while waiting for the lender to approve a new loan, then you have no recourse, because your payments were not made by any fraudulent inducement of the lender -- since you were already obligated to make the payments.

 

BotXXXXX XXXXXne, you have to find a new contract or "detrimental reliance," somewhere in your transctions with the lender, in order to have a claim for breach of contract.

 

Hope this helps.

 

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