Can I Sue a bank for mortgage loan?
Posted in Renting & Real Estate on 08/16/2010 12:43 pm by admin
ali h asked:
I have a mortgage loan and the bank was supposed to pay the builder or owner on a monthly baises and pay the last installment when I recived the building. Although I expressed my self on the phone and on an email that I need to make sure that the last payment should not be paid untill I offically recive the apartment. The bank whent on and payed the last payment and and the handover was supposed to be in December 08 I have still not recived my apartment?
I have a mortgage loan and the bank was supposed to pay the builder or owner on a monthly baises and pay the last installment when I recived the building. Although I expressed my self on the phone and on an email that I need to make sure that the last payment should not be paid untill I offically recive the apartment. The bank whent on and payed the last payment and and the handover was supposed to be in December 08 I have still not recived my apartment?
Can I sue?
Francisco
08/17/2010 at 11:52 am
Yvonne
Suing them successfully would be like shoving a pound of butter up a bobcat’s *** with a red-hot poker, but you sure are welcome to try!
08/20/2010 at 3:37 am
Tanya
It sounds like more information is needed here. If this is a condo that the entire building or complex is still being built then you need to go back and look at your building contract. If there is a deadline for delivery in the building contract, then if anything it sounds like you should be suing the builder.
There wouldn’t be any good reason to sue the bank who paid the mortgage payments and happened to pay off the building before it was complete. They’re not the one’s keeping you out of your new place. In fact, I’d say quite the opposite, they kept their side and put up the money, albeit a bit too early.
Now technically if your contract says they’re supposed to wait until after you’ve delivered, then yes you CAN sue for breach of contract, however I don’t think you can possibly afford the ARMY of lawyers to fight against those that the bank will hire.
Good luck, I hope you get your place ASAP!
08/20/2010 at 6:00 pm
Amber
ok. that’s good idea. i wanna hear people start sue the banks who act like apes.
but i think u have to check u transaction. make sure u r right and appoint a good and trusted lawyer because lawyer also is just like paria ape.
and you must remember, bank does transaction based on instruction normally the lawyer. may be the documentation are all okay and no dubious. so they proceed the payment.
so make sure you have ground man!
08/22/2010 at 9:50 pm
Harry
What do your signed loan documents or anything else in writing from the bank say about payment schedule or conditions of any payments? You cannot rely on phone calls or e-mail to change terms (e-mail is insecure and too easily forged).
Sue whoever you contracted with for the building for specific performance if they breached the contract you had with them.
08/24/2010 at 1:05 pm
Danny
Phone means NOTHING and an email is probably just as unreliable. This agreement should have been in the contracts you signed. You would lose in a suit after many thousands later.
There are MANY differing issues here is there a time specific for handing you the keys IN THE CONTRACT, have there been exception weather conditions, does THE CONTRACT discuss issues such as penalties to th builder per day if delays exist? Basically read THE CONTRACT then seek the services of the Atty I am betting you did not consult before entering into this contract.
Oh and you can sue anyone, at any time for anything but the problem is can you win and barring this being a part of your contract I do not think you have a case against the bank but the builder is a different story so go let a good Real Estate Attorney look at the CONTRACT.
08/27/2010 at 1:56 am
Paul
you can sue anyone for anything. The question is: can you win.
You need to talk with a lawyer today.
There are a lot of questions I have on your post. I really don’t understand the situation. It sounds weird.
08/30/2010 at 1:17 pm
Nathaniel
Your phone conversations and emails do not mean squat. You could have told them any thing you wanted, that does not make it legally binding. All that matters is the mortgage contract.
I have built houses before, a typical construction loan has a set schedule and it does not include waiting 6 months (I am assuming hte 08 is a typo). You have 30 days to refi after your property has been completed. When you receive keys is not relevant, all that really matters is when construction ends.
If the property is complete it is 100% appropriate for the contractor to be paid.