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Home >> Lending >> Home Mortgage
Not One, but Two Loan Problems
Below are listed things my bank did to me, please tell me if they are legal:
- 1. I had two loans at the bank, and sold one piece of property, making a $20,000 profit. I instructed the bank to apply the profit to my home mortgage. The bank instead applied it to car loans. When I asked them to correct this, they refused. At this point, my mortgage is two months behind, and I had intended to pay ahead with this profit from the other property.
- I received foreclosure papers. The bank refused to accept payment to reinstate my loan. Then they changed their mind and said we'd have to pay on some car loans if we want to reinstate the mortgage, even though the loans are not cross-collateral. The foreclosure then went to a sheriff's sale and now I'm living with my in-laws.
I'm in Minnesota, if that changes the laws in any way. Tell me, was I treated fairly? Do you know of any attorneys that will sue a bank on a contingency? What can I expect to recover?
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 Your question is a legal issue that will deal with your state's law. We are not familiar with the laws of each state.
Speak with an attorney. In some states, a borrower's clear instruction as to what loan the payment is for requires that it be applied to that loan. You should have available whatever evidence there is where you directed the payment.
Published on BankingQuestions.com 4/16/09
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