muyhusband got a Construction loan& the bank that gave it to him falsified the documents

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muyhusband got a Construction loan& the bank that gave it to him falsified the documents

To be honest my husband had no JOB & the bank gave him 1.5 millon when the home was done being built The loan rate wich we locked in @5% went to 11.9 wich no one can afford at this point we have been trying to get the bank to do a modification But they said NO…There is more to my story with illegal stuff that this bank has done

Asked on May 27, 2009 under Real Estate Law, California

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

Lenders in the US have recently come under a lot of fire for their pratices and procedures.  It is not surprising to hear.  The 11.9 rate is probably the default rate under the note which the bank is permitted to charge when the borrower fails to pay on time.  However, the story sounds interesting and i would like to hear more but i do not have all the fact.  Nevertheless, I suggest you locate a lender liability attorney to review all the documents that you have.  Banks have been writing loans that consumers cannot afford to pay and with the recent downturn in the economy and job losses, it is unfortunate to be in your situation.  I suggest locating a lawyer to help you deal with the bank.


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