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Friend loosing his home
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Posted by Lynn McEachern (205.188.193.28) on June 05, 2002 at 13:25:00:
Bank got an independent appraiser on friends residence and based on appraiser bank gave friend a 2 pt loan of $995,000 & $290,000. Friend told bank pymts would be too high, bank said to meet guidelines just sign and a new loan will procure prior to 1st pymt. Bank refused to procure, said the person who promised that is no longer employed by bank, Bank also sold off the $995,000 loan to another bank making my friend responsible to someone else for the loan that the 1st bank said they would alter. 16 monts later both banks hired a different apraiser which appraised same property is worth half the amt of the original appraisal. Friend made several offers to bank and was told an offer was accepted with contingencies, paperwork would be forthcoming. When paperwork wasn't received friend met w/ the bank and was told due to banking regulations verbal agreenment can not be honored Trustee saqle has been set. Iv'e been looking at Regulation Z, not understanding what to do, what can he do?! Desperatly looking for advice.
Thank you all
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