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A convoluted mess!

Posted on: 04th Feb, 2014 02:02 pm
My wife used her home/property as collateral so that she could help her brother purchase a piece of property. The bank told my wife she had to bring her banking to them in order for them to allow her to help her brother buy this property. She had a personal loan brought from her credit union and the new bank paid off the loan with her old bank. Within the first year we took a loan out to buy a used truck and a horse trailer, and the new loan amount was added to the personal loan. Now, 4 years later my brother-in-law was diagnosed with cancer and was unable to continue making the monthly payments on the property that my wife had used our home as collateral for. We approached the bank and asked if we could make the monthly payments on that property; the bank said no we could not. We were told that we would have to make payments for ALL of her brothers properties he had loans for. When we asked why, they told us that our home had been used as collateral on every property he bought after the one my wife helped out with. We asked how that could be since my wife had never been informed that they were doing this. The banker told us they were within their legal right to use her initial signature on all future transactions. Now, the bank has foreclosed upon our home/property and will not work with us to save our home through any refinancing or loan modification. Her brother is still very ill and will never be able to work let alone pay for his loans. My wife and I are both disabled and live on Social Security Disability pay only. Oh yes, we were also informed that the personal loan my wife brought over from her credit union in the beginning and was paid off by the new bank was deemed a mortgage even though the money was taken out for a truck, horse trailer, and personal other items. But was NEVER used to purchase a home or any other real estate. Can you possibly tell me what rights we might have or where can we go for help. We need someone to look over the evidence we have showing/proven that we did NOT know what the bank and my brother-in-law were doing. Also, my brother-in-law was a realtor, he worked for this bank, AND his boss was on the board of directors at this bank. They gave my brother-in-law a line of credit of over 1 million dollars even though they were well aware that my wives property was not even worth $85,000 and her appreciated.
This is a serious case of financial fraud. You must consult an attorney for that matter and work with him accordingly.
Posted on: 04th Feb, 2014 09:21 pm
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