need to sue bank re reverse mortgage?
me again. still need advise. I still need to know how to start the process for suing a bank. it has already been determined the bank was in the wrong, my brother has been indicte by the grand jury for his actions in getting reverse motrgage with my dad when dad was already diagnosed with dementia.. but he didn't remember he had.
I just need to know where to start my process .
it is obvious I need to add more info. I do know I need to find a lawyer. I don't know what kind of lawyer to look for. I do not know if it is even something I can do I do know that this particular bank is no longer doing reverse mortgages for the exact reason I noted above. They have a whole lot of legal action against them now for the exact same reason. I just needed some help in getting started by finding out the best type of lawyer to go to.
my brother has been convicted of felony elder abuse, felony elder fiduciary abuse and felony elder neglect and has served jail time for these offenses.
ok, I need to add more information. This reverse mortgage was given at a time when there was NO 3rd party counseling for mental stability in place yet. I asked the bank that specific question when I became POA and they said that in 2006 they did not do this. My brother had been brought in to live with Dad as a companion when it became obvious he could not live alone. This arrangement worked well until 2006 when Dad had some financial issues. Instead of coming to me as he should have, he started getting Dad cash advances (at 99% interest and made $300 a month payments) and had already paid them $5,000 on a $2500 pay day loan. He also got Dad to get $18,000 cash advance on a credit card.
When he was asked how things were going, and I did check in very regularly, he said all was well and I had no idea he had these problems until I was called by his health insurance (I was a n authorized contact) and advised his premiums hadn't been paid. When I called the house this time the
- MRALv 49 years agoFavorite Answer
Curious why you are so sure the bank is in the wrong. There are so many protections to prevent these type of problems, but they can't protect a senior against their own family members. The senior has to go through independent 3rd party counseling. The senior gets a copy of everything they signed. They sign in front of an independent notary public. They have 3 days to change their minds. What exactly did the bank do wrong? Who determined they are in the wrong? It would be helpful for others to learn. It would be helpful to know the warning signs so that it doesn't happen again with some other senior.
Did your father benefit from the reverse mortgage? Or could he have? Or is it that the funds, once drawn, were not used for his benefit and squandered?
I am not defending the bank; I don't know who they are. I don't work for a bank either, although I do reverse mortgages. But some bad apples can do a lot of damage, in any type of business. And some bad loans don't necessarily make all the loans bad either, or all the people who worked at that bank bad. Likewise, anyone can file a lawsuit, when they don't like the outcome of someone else's decisions (e.g. kids getting less of an inheritance in a down real estate market). I am not saying this applies to your case. Just showing other possible sides of the story since you mentioned there are other lawsuits against that particular bank.
Bigger question, if your dad has been diagnosed with dementia (to the point that he is not capable of signing papers), who is living with him that allowed all this to happen in front of them (visits, phone calls, appraiser, notary, etc.). Or was it your brother who was taking care of him and has since been convicted? The bank may very well have done wrong, but like I said, they cannot protect a senior from their own family. That is the worst crime. I've seen it happen time and time again. From my perspective, it's usually extended family members living off the senior and squandering all the senior's assets so all the senior has left is their home; so a conservator has to be assigned.
That aside, to answer your question, I would imagine you use the same type of lawyer as you did for the elder abuse case. One who specializes in fraud. If the bank is no longer in existence, who took over the note, or the servicing? Depending on the State, you may want to contact local regulators. And you also may want to contact FHA/HUD, since they regulate reverse mortgages and may have even insured the loan (don't know how long ago it was done and what type of reverse mortgage it was). Good luck.Source(s): I specialize in reverse mortgages (CA)
- thylawyerLv 79 years ago
You need to get a lawyer. You may not have a case against the bank.
- 9 years ago
you start with a lawyer. Pretty obvious I'd have thought.