Foreclosure in Bemidji>Question Details

stu58, Home Owner in Bemidji, MN

Why isn't there help for people in our position. Foreclosure do to Bank's refusal to close loan.

Asked by stu58, Bemidji, MN Sat Nov 10, 2012

I am dealing with a foreign State Bank in our small town who solicited us into purchasing property and then manipulated our loan with creative financing. We are able to make payments but they are stopping us from doing so. They won't close our loan. They gave us what was supposed to be valid rental permits and when the city told us they were no good the bank said they'd stand behind us all the way. They let us do construction to the point where the home we built our son is currently able to create an income and now want to take it from us. They gave us 8 months to clean up a dead asset they've been carrying on their books for over six years and the home and property we built for our son is beyond the Bank's wildest dreams. We realize now there was never a construction to perm or any other closing mentions. Now they are foreclosing on falsehoods. I've gone to the FDIC and others only to find if they leaned on them at all it has not helped us. There needs to be a place to turn.

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Answers

1
Call your congress man. Call the Department of Banking for your State. Call a lawyer!
1 vote Thank Flag Link Sat Nov 10, 2012
Attorney General too.
Flag Mon Jan 12, 2015
We were shocked to find out that the Minnesota Department of Banking does not cover this Bank. They are covered by a Commission from their home state, and I would not want to repeat just how unhelpful they've been.
Flag Sat Nov 10, 2012
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