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FDIC/UDAP compliance COMPLAINT

Posted on: 03rd Jan, 2009 02:19 pm
Has anyone any experience what so ever regarding complaints for UDAP against mortgagor or collection attorneys with the FDIC ? The FDIC web site is exhaustive in providing information regarding same, I was just wondering if anyone might have had any personal dealings regarding same.
Hi dkanka!

Welcome to forums!

Are you facing any problem with any collection attorneys? You can share your problem with the community. The experts here may try to help you out.

Feel free to ask if you have further queries.

Sussane
Posted on: 04th Jan, 2009 11:24 pm
Thank you for your response however I did pose my circumstance on a previous post "quit claim from lender to purchaser during redemption period. Basically as my property was listed as bank owned on the net my purchaser was willing to send via bank to bank wire transfer the full amount to them. Confusion arose regarding who held title and/or deed. He had asked for a quit claim on receipt of funds and was refused. The bank then foreclosed my property for non payment ! As the bank/attorney did not make their position clear or offer any clarification or helps what so ever regarding procedure during the entire 6 month redemption period, they said they were going to extend the redemption period to accomodate but reneged, we feel that under FDIC and FTC rules the bank and the attorney are guilty of Unfair/Deceptive Acts or Practices as defined in the FDIC Compliance Examination Handbook. They even refused to communicate with my purchaser in any manner. As it appears that all banks and financial lending institutions must adhere to the rules of the FDIC ... and it is so stated as law ... I am surprised that I see hardly any mention of such in this forum at all.
Posted on: 05th Jan, 2009 08:44 am
Hi dar,

You have mentioned here that the property was bank owned which means that the bank has all the right to sell the property to the person that they want. The bank will not give you the right to decide as to whom they will sell the property. You could not pay the dues because of which the bank took over the property.

If you feel that the bank or the attorneys are guilty of Unfair/Deceptive Acts or Practices, you can definitely file a case against them and sue them. You can contact a lawyer and he will help you in filing a case against them in the court.

Thanks,

Jerry
Posted on: 06th Jan, 2009 02:47 am
Thank you for your response. Please let me set you straight here.
I mentioned that the property was "listed" on the internet as bank owned, after the sheriffs sale. This and or "sold" for a certain price depending on the site. It did not appear to my purchaser to be 100% my property and I had asked for clarification from the bank/attorney to my purchaser, which they did not provide, further confusing my purchaser. They said that the purchaser would have to find that information on his own even though the bank held title/deed, the attorney is specialized in foreclosure and one of the largest in the country as well as owning a title company. The bank CANNOT sell the property to whomever they want as I, the person who was foreclosed upon, has a SIX MONTH RIGHT OF REDEMTION which means I CAN sell the property to whomever I want as long as I meet the minimum, or an agreed to, price. Because there was CONFUSION by the purchaser, as apparently by you and other responders regarding who did actually hold title/deed, his rights and the process ... the bank/attorney were asked to give a reassurance that they would issue a simple quit claim "on receipt of funds", a normal function, allowing the purchaser peace of mind. They refused saying such was conditional to sale and the purchaser should have just sent the money without such. The judge at the eviction hearing agreed, irregardless of purchasers right to due diligence and duty to research and clear title and kicked me to the curb ! The bank/attorney had said they would extend the redemtion period for 30 days to accomplish this and then reneged. I had even shown the Judge case law showing the purcasers right. By doing so THEY BLOCKED the sale causing me harm. I do not believe that under the rules as explained in the FDIC Compliance Examination Handbook this is allowed. Of course I can sue ! I am looking for someone who has actually brought similar or any action to court under said FDIC rules. I hope this has been helpful.
Posted on: 06th Jan, 2009 05:25 am
Hi dkanka

I think you are speaking of the post-sale redemption. As far as post-sale redemption is concerned, after the sale, the defaulter has an opportunity to save the property. The defaulter can do this by paying the purchaser the amount paid for the property along with the interest from the time of the sale. This is also known as statutory right of redemption. Thus, you could have sold sell off the property to whomever you want if you would have purchased the property from the lender first by giving the due amount.

Thanks.
Posted on: 07th Jan, 2009 03:10 am
Hi Dkanka,

I understand your situation. It's true that as a borrower, you have the right of redemption as applicable in your state. But it doesn't give you the right to decide whom the bank will sell off the property. What I mean is, the redemption rights give you the chance to buy back the same property within a certain period after the sheriff's sale. But it does not give you the right to decide who'll be the purchaser because the bank now owns the property. Only when you own it after redemption, you can decide whom to sell it.

I hope you understand the entire stuff about redemption. Also, I'd like to know how the FDIC rules are violated in your case.

May god bless you.

Samantha
Posted on: 07th Jan, 2009 04:55 am
I agree with you. Please know that as most on this site we are not real estate professionals or attorneys. However, my purchaser seeing on the internet that the property was indeed "sold" at the sheriffs auction was confused as to whom held proper title/deed. The register of deeds had said it was the bank. A such, I had asked for a simple clarification of the process or a quit claim from the bank/attorney on receipt of funds in favor of my purchaser. This would cause them no harm. He wondered why he would send hundreds of thousands of dollars to me when I did not own the property. He was willing to pay the bank the full amount via bank to bank wire transfer to insure his investment. This is legal. I could have then quit claimed my redemption rights to anyone if need be. At first the bank/attorney agreed and then reneged with no reason causing the redemption period to toll. They were misleading in saying they would extend the redemption period for 30 days and then reneged again causing more confusion.
I believe UDAP applies as they Bank/attorney were not forthcoming in being clear and transaction specific causing me harm. We wanted to pay and depended on the bank/attorney as professionals in this field to exhibit good faith and fair dealing and provide a clear path. Instead, they hid the process or at least were not forthcoming in helping me facilitate the sale. I was lied to or mislead by fact or ommision concerning same. Me, my purchaser or any common or reasonable person has a right if not duty to research the title/deed. Paperwork shows we were RWA to pay more than what the property ultimately sold for. In reality, had my purchaser not been alienated by the bank/attorney, he could have paid less with me out of the equation after my redemption had expired. Please read the rules for UDAP at the FDIC or FTC sites. I am now in contact with the Office of the Comptroller of the Currency having been directed by the FDIC as the "hands on" agency in my case. The rules are the same and I will also contact my states attorney general. This was explained above, please reread, as apparently you do not understand my situation as there were mitigating circumstances as explained that have to be taken into account. I was within my rights to sell the property to whomever I chose during the redemption as long as I met the price there by saving my equity and credit rating, etc. It is the process of doing such that we depended on the bank to provide in a timely manner that has caused the confusion, etc.
Posted on: 07th Jan, 2009 10:15 am
Hi dar,

As far as I understand, only you had the redemption rights because you were the original owner of the property on which the bank foreclosed. So the bank will redeem the property to you and not to anyone else. Moreover, you should note that the right to redemption cannot be quitclaimed to another person.

As far as the clarification from the bank is concerned, well, I think, it may be against the bank's policy to clarify all these things. These policies vary from bank to bank and may be your bank did not found the wire transactions applicable as per their rules.

However, you can still consult with your state attorney general and clear out the issues. There is no harm in taking an expert advice.

Thanks,

Jerry
Posted on: 08th Jan, 2009 03:01 am
Yes ... only the original owner has the right of redemption and it cannot be quit claimed. Not the question but you do understand that much.
That the bank would find any clarification of method of payment ... especially a direct wire transfer against their "policy" is absurd ! Bank to bank wire transfer is the most secure most used method of transfer. Do the banks rules and policy take precedent over law ? If I were a bank manager with you working for me and I found you had refused legal payment costing my bank tens of thousands of dollars in foreclosure costs, maintenance and reduced sale price ... you would get a promotion ? Also, to refuse legal payment for real property because of a self imposed procedure is more what I began this discussion for. Can the bank, or the collection attorney in this case, as the soup Nazi in Seinfeld, dictate and then reject a legal procedure such as method of payment with no recourse ... NEXT !!!
Posted on: 08th Jan, 2009 05:24 am
Neither you nor the bank or the collection attorney will have the rights to dictate or reject a legal procedure. You will have to remain within law as well the lender and collection attorney and get the things done. As suggested by Jerry, I would advice you to contact an expert attorney in this case and discuss the whole issue.
Posted on: 09th Jan, 2009 12:29 am
Thank you for your response and I agree.
What I know now, but did not know then, was the tranaction specific process allowed according to the law and depended on the more knowledgable bank/collection attorney to provide same. After all I was trying to pay ! Instead they stalled saying at the last minute if I wanted to know how to pay I would have to find out myself. Hire an attorney and contact a title company when the collection agent IS an attorney and OWNS a title company. Why so adversarial ? I was trying to pay. They hindered instead of helped. My redemption time running out I had no time to do so. They first agreed and then reneged extention of the redemption period to accomodate same. Even so, I believe that such should have been made available by them during the initial six month redemption period. NOW I know the process but ... too late. The confusion was do to their not being clear as to who held legal title and the "chain" of legal ownership. My purchaser just wanted to know that he would gain legal title/deed. Wouldn't you ? They refused any help in clarification of such or the process causing me harm. Had they been earnest in their efforts to collect they could have simple called my purchasers bank and effected the transaction. My purchaser and I would have signed all of the paperwork and game over. That is how I got the property. Walked in, handed over proof of funding and quit claim from my siblings, signed paperwork gained title/deed is what I remember. My purchaser seeing that the property had been sold to the bank on various sites on the internet and not informed about redemption procedings just wanted assurance from the bank. Would you send money to someone for property that you saw was recently sold to someone else ? Would you not ask the bank, now the apparent owner or the banks attorney for clarification ? With same the money would have been transfered, papers signed and deed tranfered. That is it ... that is all. As I had said in previous posts ... I have a bridge here in Detroit ... send me the money and I will send you the deed !
Posted on: 09th Jan, 2009 11:09 am
i have had a contract on my desk for over 30 days from a client wishing to by a foreclosed property. the property was listed with a local broker ,but now has expired . all atempts to contact the asset representative have failed. numerous e-mails have been sent to the known representitive,but with no response. i realize the foreclosure market is heavily saturated,but i wood think the bank in question wood be anxious to remove another one from their inventory. 701 n. king is the subject property in harrisonviile, mo. dueche bank is the holding company . what else can i do?
Posted on: 08th Feb, 2009 09:00 am
The FDIC has not done enough. I believe the new administration will bailout the populace!
I am Mrs Betty Ruth Loewe, approved appointed coordinator for United Nations/International Grant Board Committee. We operate under 2009 new grant regulations US$1Billion revolving budgetary allocation for corporate free grant and loan. We offer free grants and business/personal/home loans with financial capacity ranging from US$50,000 to US$5,000,000 available for reputable individuals. We will consider all presentations for free grant including request for loan. We guarantee stress free conditions. Contact us for while it last! Thank you. Mrs Betty Ruth Loewe coordinator United Nations/International Grant Board Committee. London SE1 7SR United Kingdom. Phone: +447005921533 Fax: +447005976564 Email: granthousefunctions@un.org ; granthousefunctions@centrum.cz
Posted on: 16th Feb, 2009 03:20 am
boy if betty ruth loewe isn't a scam artist, she sure tries her best to masquerade as one. betty ruth, the only reference to your "board committee"is as an advertisement on a site called "inetgiant."

here's a question: how much is your "guarantee" for stress free conditions? is there a financial obligation on the part of your "board committee" to pay to one of us who is dissatisfied?

caveat emptor!!! buyer beware!!!

responding to this individual, in all probability, will cost you. though there is a guarantee for no stress, i would have to believe that the stress level will be off the charts, and this is not to mention the monetary loss that you'll suffer if you decide to respond to her.

i am most skeptical of this sort of post on our forums.
Posted on: 16th Feb, 2009 07:54 am
I am current with my mortage, but I want to return the property to the BANK , I cannot affort keeping the property and longer, Will I have other financial to the Bank
Posted on: 04th Mar, 2011 06:45 am
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