bank is taing my money whenever they want to.

I begain having problems with a bank that I have done business with for over 30 yrs.. first I put my daughter on my checking account when I became ill so she could pay my bills if I wasn't able to.. at the time I put her name on the acct I told the person that was in charge why I was putting her on the acct.
after 6 yrs had gone by I noticed a check for almost 400.00 had been taken out of my acct. I went to the bank as soon as it opened ( I have on line banking) and was told it was one of my daughters checks from her acct. she didn't have enough money in the account to cover it so they found her name on my acct and took the money from me. at that time I was advised to take her name off of my acct and I did..
Now the next problem that I had with the bank was acommercial loan for a small personal care home. when I became disabled I leased the home. the mgt was always paid on time til the person leasing it didn't want to renew her lease. I have tried for 2 yrs to sell it with no luck. a couple of the payments were late.. never totally missed a months payment. I had to borrow money from my son to keep paying the mgt. meanwhile all the residents had moved out and there was no income. I called my bank and asked if I could possibly pay the interest til I could sell the property or lease it. they were not happy about anything and finally agreed to let me pay interest for 3 months. the bank would send me notices of what I owed about 3 times a week and they would have at least 4 copies of the amt due along with the late charges.
they were always talking about foreclosure even tho I made all the payments when they requested it. Finally my son said he would buy the property just to help me out.. I have paid over 80,000 in interest in 6 yrs for the building.
the mtg payment was 1750.00 a month and 2 days ago my interest for the place went from 6% to 9.75 % with the mgt payments up to 2200 a month.
My son is still working on a mgt so he can take over. Is this legal for the bank to jump from 6% to 9.75?
Next I had some C.D.s that I borrowed against because I needed the extra money when I started the business. I had decided not to renew the c.d.s because it was to hard for me to keep paying the interest on them and told the bank not to renew them but to cash them in when they came due and apply it to my loan..well the first cd came due and it was applied to the loan but they took 188.00 out of the cd. when I called and asked why they took that money out instead putting the entire amt towards the loan I was told there was interest due.. actually I had paid the interest a week before the cd came due and they never called to tell me what they were going to do they just did it..
maybe what they are doing is legal and maybe not. I would like to know. I have always paid my bills on time except for the mtg that has been late on the business. I have taken my savings acct out of that bank and closed my safety deposit box.
Now my question is does the bank have the right to take my money the way they have been taking it? can they raise the interest on the mgt buy 3.75%
and who can I complain to?

Your best bet is to contact an attorney proficient in banking law in your area as soon as possible. Bring in as much documentation from both loans and your bank accounts as possible. There are so many questions here, it's difficult to answer everything accurately. I would question banking ethics that allow the bank to withdraw from one of your accounts to cover another, but it's very likely current banking laws allow them to do that in order to recoup their loss. In regards to your commercial loan, regardless of your personal circumstances, i.e. no tenants, you entered into a contract that bound you to monthly payments. Period. Whether or not you can afford them without tenants is irrelevant to the particular bank, you owed (and still owe) on that loan. The same holds true on your CD. All terms and conditions of borrowing should've been clearly disclosed to you, as required by law, at the time you opened your account. That being said, if a 'double payment' has been made for the CD loan, the bank is required by law to refund the extra payment. Has that been done?

You may want to check out the following site: Federal Bureau of Investigation - Mortgage Fraud, particularly in regards to adjustable rate mortgages. While I'm by no means suggesting this was done in your case, it's something you (and your son) should be aware of, particularly if your state is highlighted as a 'hot spot.' Without physically reviewing your mortgage documents, I can't begin to assess whether or not you were put into a financial situation you couldn't possibly repay...or whether or not the value of your property was inflated at the time you took out the loan. But because it's become part of a national epidemic, I think you should start researching and asking questions. Hopefully, if you conducted business with an FDIC-insured bank (and not a mortgage company,) none of this will even apply. You may simply have entered into an adjustable rate mortgage or even interest only mortgage you didn't clearly understand from the outset.

Again, an attorney can carefully review all of your banking/mortgage documents to make certain all disclosures, documents, etc. were executed in accordance with both federal and state laws. (Most likely, they were.) I would also suggest you have your son educate himself as much as possible before he signs anything .. yet another good reason to have an attorney involved.

Hope this helps. Good luck to both of you.

The terms of your mortgage are spelled out in the mortgage agreement. In that document you will find whether there is any provision to increase the interest rate if you are not paying as agreed. If that language is in there, you have no grounds to complain that they increased your rate. If it is NOT in there, you can take this one to court. At this point, it is a small claims court issue...cost under $100. The best final solution is to sell the place to your son if there are no better offers.

1. Mortgage companies do not adjust their fixed rates to reflect late payments from the mortgagee. While credit card companies can raise the interest rate to reflect poor payment history, fixed rate mortgages do not do this. Late fees? Sure. Change a fixed rate mortgage? nope.

2. ARMS change rates.

3. How did you did you arrive at the $100 amount?

4. Have you considered the logistics of taking a possibly out of state lender to small claims court? The paper work would have to be filed in their jurisdiction---and if she doesn't have money to pay her bills, I suspect she doesn't have traveling money to bring a cause of action in another state. Also, the logistics of who to sue is interesting. Who is the "bank"?the teller? the president? the security guard? Banking issues aren't practical for small claims, unless the president of the bank happened to rear end you on the way out of the drive thru ATM. Then, go for small claims.

Obviously, the issue of a bank or mortgage holder charging unauthorized fees isn't a small claims issue.

$100 wouldn't begin to cover even one month's increase in payments.

Clearly, the 'best' thing to do is not abdicate her property. But, rather ascertain if the bank is, indeed, doing something illegal. If they are not, she has the option of selling, foreclosure, etc. But to tell her the "best final " thing to do is sell the property to her son is just speculation. Why not attempt to have resolution with the bank be a "best final" solution?

Graceless, she said the bank wrote her a COMMERCIAL LOAN... not a fixed rate mortgage. Stick to what you know.

Perhaps the word MORTGAGE escaped your notice. Commercial loans are not fixed rates? SHE refers to the "commercial loan" as a MORTGAGE--which means it can be one of a myriad of different types---and a fixed rate is very common. Since she doesn't specify explaining to her that fixed rates cannot be altered because of late payments IS correct.

The question was CAN THE BANK CHANGE MY INTEREST RATE of my MORTGAGE ( her word ) BASED ON MY LATE PAYMENTS?
The answer is no--interest rates for MORTGAGES that fluctuate do so to reflect the current interest rates, and is not based on non payment or late payments.

It doesn't matter if it is a mortgage, traditional, commercial or otherwise---if the loan is at a set rate, late payments don't change the interest rate.

Cite a reputable source that gives ANY lender the right to change a fixed rate note , commercial, personal, or otherwise.

Also, you ignored the balance of my posting regarding small claims.

Figures.

Follow my example of how to respond to a posting by addressing the ISSUES, not name calling.

This isn't personal. It is about misinformation. Stop making it personal with silly name calling. Hate for the ADMIN to nab another one of your postings

So you don't know much about commercial loans. She obviously called it a mortgage because she is most familiar with that term when thinking of real estate.

The rest of your post was just more of your ugly blather. AS USUAL.

When I post something, it is up to ME as to how much detail I think they need... or want. You are just trying to put me down by suggesting I didn't say enough. When I add something after YOU post, it is to add what you omitted that I think they need to know... NOT to ridicule you or make you appear to be less informed. Sure, you knew what I added. But then what I post is MY BUSINESS. NOT YOURS.

Graceless wants to be admin. Too bad she is too rude for further words.

Critical error, ASSumptions. If the poster calls it a "mortgage", perhaps she was in error using that term. BUT it is EQUALLY possible she erroneously referred to her loan as commercial when it is, in fact, not. In any regard, REAL ESTATE is involved. Obviously, since she used both terms, it is a toss up as to which one she used incorrectly.

BOTTOM LINE: It doesn't MATTER if it is commercial or not. IF the loan is a fixed rate, it cannot change based on late payments. Period.

IS it possible to write a posting without name calling? That frustrated, dear?

I had to laugh when you wrote I dont think you give enough information? That isn't the case. I think you give WRONG information. There is a difference. (not to mention a hearty chuckle at your postings telling me I am including TOO MUCH information.) YOU defend your right to disseminate misinformation in whatever quantities you wish, but want me to STOP giving so MUCH information?

LOL too funny.

Put you down? Only one of us is name calling and it isn't me. I am disagreeing with your INFORMATION. Not you personally.

Read my post, Graceless. Once again, you pick and choose irrelevant issues. You are apparently not aware that commercial loans can have the same penalty clauses frequently found in credit cards. But then you are not a business person either. So do what you do best... Belittle my words, belittle me for saying too much, belittle me for saying too little. The keyword is there. It is your actions that make you the person you are. I just think you need help. Somehow this is your only avenue to let us all know it. If you are alone, may I suggest you find an outlet where you won't get yourself removed for your REMARKable talent but where you can find someone on whom you can unload. This would be a commercial outlet... ie a shrink. For the child's sake at least.

I'm sorry--which of the two issues addressed in my posting is irrelevant? The issue of the bank changing interests rates or the pointing out that we don't know if she HAS a mortgage or a commercial loan since she uses the term interchangeably? Which one of those is not relevant?

In any regard, you are assuming her loan is NOT a mortgage with a fixed rate. She calls it a mortgage, so you cannot assume otherwise. You are also assuming her commercial loan ( if indeed she has one) is not a fixed rate. BOTTOM LINE: FIXED rate ANYTHING doesn't change with payment history. I am not sure how else to say it.

Also, on the issue of relevance, consider your posting. How is my child, my presumed mental health, or my character relevant to this posting in the least? Your first sentence tells ME I am discussing irrelevant issues ( the bank and the loan, and the interest rate) while the only other element of your posting is my character, my child, my education, yada yada. Show me where I have referenced you PERSONALLY a single time.
Yet my children ( all seven of them--don't forget the other six!!) my husband, my education, my appearance, yada yada yada are all deemed relevant to YOU. (HELLOOOOOO???) Quite an example, there, Skippy.



Yes, PENALTY CLAUSES. PENALTIES are fees incurred by non payment, late payment, not following the terms of the agreement, etc. It is NOT the adjusting of the INTEREST RATE. Understand the difference?

Show me a single reliable source that says commercial loans adjust INTEREST RATES to reflect payment history. (Note--not PENALTIES or FEES for late payment) but commercial loans SECURED with collateral (real estate). GO ahead. Quote me a single source. I do it all the time.

I'm sorry--what keyword? DISAGREEING with the INFORMATION in your posting is NOT BELITTLING you. Copy and paste where I have stated a single time you have said too much or too little. Go ahead. Find it.

What I said was it is the ACCURACY of your information I objected to--NOT the amount. Belittle? I don't suppose implying negligent parenting, presuming to know what goes on in my home or bedroom, commenting repeatedly on dead man, my education, my appearance, my ethics is BELITTLING in any way? Naaaa. Never.

Whoa. I got dizzy there. Sure my actions make me the person I am--doesn't EVERYONE'S actions make them the person they are ( whatever that means). If YOUR actions don't make you the person you are--what DOES? (head scratch)


Let me refer to the matter of RELEVANCY, Your Honor. Please ask the defendant to explain how ANY of this paragraph is RELEVANT to interest rates of commercial loans?

I don't know how else to say it. This isn't a PERSONAL attack. I am disagreeing with the LEGAL INFORMATION you provide. NOT you personally.

Try to exhibit a modicum of self control and do the same.

FOCUSSSSSSS.

And not on me.