I was selling some property "contract for deed", the note came due and we were working with my local branch on a 12 month extension. The person I was dealing with told me to continue to make the payments as before while the leasee's lawyer drew up new CFD agreement. The bank representative told me he would make sure the payments were reflected so no red flags went up. He was either let go or fired during this adjustment period from the bank without me knowing. I only found this out when I received an email from the main office that we were in default and owed back interest from when the loan matured. The payments were still being made as we agreed, but no one know would step up and acknowledge this fact. I contacted the person who was now handling the local branch operations, and I was told that if the back interest was paid, they would renew the loan for another 12 months. The back interest was paid in full, and another payment was made on the property. Less than a month later I was served with foreclosure papers. By then their lawyer would not discuss any of the previous goings-on and was retained to execute the foreclosure proceedings. Then a few month's later, I was served papers from the leasee that they were sueing we because I did not secure financing. All the lawyers went to court, the Judge took everthing under advisement and returned with a verdict that verbal arrangements were not enforceable or recognized. Now the property has been sold at a Sheriff's sale and it brought half the amount owed. That court date is pending to confirm the sale and then I will probably liable for the amount owed.
Doesn't make sense to me. I was told to do something a certain way to avoid such dire consequences and then I was blind-sided and the bank people were being tight-lipped. Where did all those post-loan payments go? The back interest was paid, yet I was still served papers? Why didn't someone contact me when they overtook operations and saw payments were still being made on a matured loan account? It's a sad state of affairs when a person can't make a simple phone call to get the correct answers. Nope, just turn it over to a lawyer, what do they care, they aren't paying for it. Times are tough I know, why are they quick to pull the trigger without notice and ruin someone's life??
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