Hello,
Anyone heard of BofA's "special assets group"? I own a commercial building that I purchased for 2.2M in 2007. I put over 450K down. I owned a business and occupied the building for over 14 months after I purchased it. For health reasons I had to sell my business. I notified my rep at BofA in writing via email. In fact I had him also open the bank account just to deposit the rent checks in! He never objected to us selling the business and leasing out the building. 2.5 years pass, my tenant is paying us on time (thank GOD) and out of the blue my rep emails me that my note has been assigned to special assets group. Apparantly since I no longer occupy and own the business blah blah blah that they have issues and may call the note. Knowing very well that there is no way for my wife and I to get financing elsewhere! The rep at SAG tells me that my old rep does not contest the emails (because he cant) and that is a problem for BofA...so why mess with us? We did notify them. And had they told us otherwise we never would have entered into a 10 year lease! Not to mention we would have used the money we had at the time to pay down the loan...instead we did what anyone would have and used it for other investments. Now we risk the tenant suing us, and not to mention this same tenant is the same person that bought our business. He still pays us on the note for the business...and I am sure if he is outed from the builiding it will affect how he can pay us on the note as well!. All this because my rep (a VP) at bofa did NOT do his job 3 years ago and reply by telling me I cant do it! And like I said he not only did NOT do that, he even opened up an account for us under the corp we formed to collect rent on! He even had his co workers come to our place and meet the new tenant and business owner to make sure they continue getting the Credit card merchant business...So there is no way to doubt they knew. Can anyone tell me if I have a lawsuit here if they call the note or try and extort more money from us. Yes he mentioned they may ask for more money even tough we put down over 20%! Several lawyers told me can sue based on the fact that BofA knew 3 years ago and can not come back now and distrupt things!
Thanks
Anyone heard of BofA's "special assets group"? I own a commercial building that I purchased for 2.2M in 2007. I put over 450K down. I owned a business and occupied the building for over 14 months after I purchased it. For health reasons I had to sell my business. I notified my rep at BofA in writing via email. In fact I had him also open the bank account just to deposit the rent checks in! He never objected to us selling the business and leasing out the building. 2.5 years pass, my tenant is paying us on time (thank GOD) and out of the blue my rep emails me that my note has been assigned to special assets group. Apparantly since I no longer occupy and own the business blah blah blah that they have issues and may call the note. Knowing very well that there is no way for my wife and I to get financing elsewhere! The rep at SAG tells me that my old rep does not contest the emails (because he cant) and that is a problem for BofA...so why mess with us? We did notify them. And had they told us otherwise we never would have entered into a 10 year lease! Not to mention we would have used the money we had at the time to pay down the loan...instead we did what anyone would have and used it for other investments. Now we risk the tenant suing us, and not to mention this same tenant is the same person that bought our business. He still pays us on the note for the business...and I am sure if he is outed from the builiding it will affect how he can pay us on the note as well!. All this because my rep (a VP) at bofa did NOT do his job 3 years ago and reply by telling me I cant do it! And like I said he not only did NOT do that, he even opened up an account for us under the corp we formed to collect rent on! He even had his co workers come to our place and meet the new tenant and business owner to make sure they continue getting the Credit card merchant business...So there is no way to doubt they knew. Can anyone tell me if I have a lawsuit here if they call the note or try and extort more money from us. Yes he mentioned they may ask for more money even tough we put down over 20%! Several lawyers told me can sue based on the fact that BofA knew 3 years ago and can not come back now and distrupt things!
Thanks
