Remedies for poor bank accounting in commercial real estate loan. Any federal recourse ?

Jul 03, 2010 in Commercial Property Loans

The bank repeatedly doubled up the amount of interest reserve used each month and also doubled up the amounts of each construction draw. When the constuction funds and interest reserve ran out, the bank foreclosed and refused to correct their accounting even though we brought it to the attention of their construction specialist and the CEO. Are there any federal remedies like truth in lending for commercial loans ?

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2 comments

kemperk on July 3, 2010 at 9:26 pm

of course; u may use the "new"
http://info.appsecinc.com/PPCSarbanes.html?ldt=Whitepaper&ls=Yahoo%20PPC&lst=PPC&ld=Sox%20Compliance%20Brief&ls=Yahoo%20PPC&lst=PPC

Sarbanes – Oxley Act

i would sue them. you may sue them in federal district court or
in superior court.

keep me updated, will you plz!?
Alterfemego on July 3, 2010 at 9:26 pm

Make sure you have all the documentation and file a complaint with the FTC.

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