What is the name of your state? Ohio
I posted here before, but I think I made it a little confusing so I decided to sit down and write it all out to see if I can get some help. I am totally exhausted, lost, and quite frankly tired of living this way. Here goes:
About 6 yrs ago after selling a business I was sued. I lost the suit and had to file bankruptcy. Before filing, I lost my home and they sold it at a sheriffs sale. I filed bankrupcty on the remaning balance on the home (roughly 25-30K), as well as a vehicle that I had.
In March 2002 I went to the same bank and asked them what I would need to do to do business with them again. The banker told me that if I took out a loan for $25K to pay what was left of the home loan they would loan us money for the business that I had and for us to buy a home. At the same time that I took out the $25K for them to do bus with me again, I also took out a $6k loan to buy computers for my business and a $10K line of credit that I could use and repay as needed by paying the monthly interest on what was currently being used of that $10k. In July of 2002 we purchased a home thru the same bank, then in september I upped the credit line to $25K.
I since closed my business and took on a consulting project that didn't work out and am now unemployed again. We have been in default on the $25k re-payment loan, the $25K line of credit and the $6k loan and they have a judgement against me for all 3 in the amount of $55k. Our mortgage is currently 2 1/2 mo's behind, and they are threatening foreclosure. We have roughly 30k in equity.
Ok now that the background is there, here are the questions.
1) The bank claimed that even if we get current on our mortgage they could Foreclose our home based on the $55k judgement. I have the money to get current, but I don't want to do that if they are going to foreclose anyway.
2) Can they legally loan me $25k in order for me to be able to do business with them again, especially since I filed bankruptcy on the money that loan was supposed to re-pay? By the way, the loan "Purpose" on the note states that it is for "Business: Refinance." When I got the loan I signed the chack and gave it back to the banker. I do not know what happened to it from there. Also, I had no other loans with them (Good or default) that that money could have re-payed.
Bank information:
During the past year this bank was investigated for the way they were conducting business. It resulted in The Vice President of the bank, the same guy that I always dealt with, leaving. It was rumored that if he left he could avoid prosecution. I asked the new loan officer that I had to deal with what was happening and she said that the Federal Gov came in and was looking into all of their records and they were no longer aloud to give loans based on the "Good ole boy system." That was in July of 03, then in March of 04 the bank announced that they were being bought out.
We were working with bank before the buyout, trying to get caught up. Now, the new bank is getting ready to take over in Sept and they are really putting the pressure on.
One other side note... this bank also has my credit VERY screwed up. I will go into detail on that also if it pertains.
I hope this is all understandable. Any advise/help greatly appreciated.
I posted here before, but I think I made it a little confusing so I decided to sit down and write it all out to see if I can get some help. I am totally exhausted, lost, and quite frankly tired of living this way. Here goes:
About 6 yrs ago after selling a business I was sued. I lost the suit and had to file bankruptcy. Before filing, I lost my home and they sold it at a sheriffs sale. I filed bankrupcty on the remaning balance on the home (roughly 25-30K), as well as a vehicle that I had.
In March 2002 I went to the same bank and asked them what I would need to do to do business with them again. The banker told me that if I took out a loan for $25K to pay what was left of the home loan they would loan us money for the business that I had and for us to buy a home. At the same time that I took out the $25K for them to do bus with me again, I also took out a $6k loan to buy computers for my business and a $10K line of credit that I could use and repay as needed by paying the monthly interest on what was currently being used of that $10k. In July of 2002 we purchased a home thru the same bank, then in september I upped the credit line to $25K.
I since closed my business and took on a consulting project that didn't work out and am now unemployed again. We have been in default on the $25k re-payment loan, the $25K line of credit and the $6k loan and they have a judgement against me for all 3 in the amount of $55k. Our mortgage is currently 2 1/2 mo's behind, and they are threatening foreclosure. We have roughly 30k in equity.
Ok now that the background is there, here are the questions.
1) The bank claimed that even if we get current on our mortgage they could Foreclose our home based on the $55k judgement. I have the money to get current, but I don't want to do that if they are going to foreclose anyway.
2) Can they legally loan me $25k in order for me to be able to do business with them again, especially since I filed bankruptcy on the money that loan was supposed to re-pay? By the way, the loan "Purpose" on the note states that it is for "Business: Refinance." When I got the loan I signed the chack and gave it back to the banker. I do not know what happened to it from there. Also, I had no other loans with them (Good or default) that that money could have re-payed.
Bank information:
During the past year this bank was investigated for the way they were conducting business. It resulted in The Vice President of the bank, the same guy that I always dealt with, leaving. It was rumored that if he left he could avoid prosecution. I asked the new loan officer that I had to deal with what was happening and she said that the Federal Gov came in and was looking into all of their records and they were no longer aloud to give loans based on the "Good ole boy system." That was in July of 03, then in March of 04 the bank announced that they were being bought out.
We were working with bank before the buyout, trying to get caught up. Now, the new bank is getting ready to take over in Sept and they are really putting the pressure on.
One other side note... this bank also has my credit VERY screwed up. I will go into detail on that also if it pertains.
I hope this is all understandable. Any advise/help greatly appreciated.
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