I am building a house and the bank was taken over by the FDIC which then sold my note and they are foreclosing because

Salt Lake City, UT Viewed 11 times. Posted 20 days ago in Foreclosure

because the construction time period is over now and we couldn't finish because our bank was taken over. The FDIC sold our note for 1/10 of the note to a private investor and refused to sell to us of course they want to foreclose because there are several million dollars in equity. We have put over 2 million dollars of our own money in fixtures and lights, etc.(not bank loan $) Can we remove those ? The new note holders claim they are theirs because they were in when they bought the note. This is a joke that they can "steal" our house at one tenth of the cost of the note by buying from the FDIC and now no loans are available for self employed people PLUS they want the 2 million in upgrades we paid for ourselves. PLEASE HELP!

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Answers (1)

Jason C Hunter

This attorney is licensed in Utah and 1 other state. Posted 18 days ago.

Unfortunately, your lender may be right. However, you may have some equitable remedies to recover some value from the home. You need to consult with an attorney. In preparation for that consultation, you need to track down all of the loan documents, including the promissory note and trust deed. You should also take all notices received from the lender to your meeting with an attorney. You should be able to find an attorney offering a complimentary consult, but that will vary from firm to firm/attorney to attorney.

I wish there were a better answer for you.