Suing a bank

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Latest post 04-19-2011 7:54 PM by PMontas. 10 replies.
  • 04-18-2011 2:18 PM

    • PMontas
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    Angry [:@] Suing a bank

    My construction company did a job for a family, who's house was damaged by a tree. The insurance company sent out 3 checks, one to the family, to the adjuster, and to Bank of america. I dont know why the insurance company sent out three checks when the amount was for my company. The family deposited the money at BOA and the bank held the money so i want to know how and what can i sue the bank for? The bank has asked us for the invoice and a bunch of paperwork and we sent it in and it never seems to get resolved. I need a lawyer that can help me with this situation. It is stressful and it has been prolonged by the bank for a year now.

  • 04-18-2011 2:23 PM In reply to

    • Drew
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    • PA
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    Re: Suing a bank

    Did you file a mechanics lien on the property--if not, dust off that tool TODAY and see if it can be applied.

     

    Who contracted for the work--if that person has not paid you--go sue them.

    If you had no contract with Bank--why are you wasting your time with bank--go after the dude who contracted to pay you and start to squeeeze him! Yes, I know the insurance firms tend to pay out to  named insured--and Bank is likley one of them.



  • 04-18-2011 2:47 PM In reply to

    Re: Suing a bank

    If I knew the amounts of the checks and the contents of the worksheets on which they were based I could probably tell you why they were issued like that. It might be educational but it would be irrelevant with regard to who owes you money.

    You have no case against the bank or the mortgage company.

    Your case is against the homeowner who isn't paying. Period.

    Before you file your lien, you'd better darn well know your state's lien law backwards and forwards. There are traps there that can bury you if you don't get it right.

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • 04-18-2011 4:32 PM In reply to

    • PMontas
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    Re: Suing a bank

    thank you for the reply.

  • 04-18-2011 4:37 PM In reply to

    • PMontas
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    Re: Suing a bank

    The paperwork the bank wanted was my estimates, my invoices, basically any paperwork that was distributed between the family and myself.. i do not know if i can put any amounts on this message boards. But i just dont understand why, if the family deposited the checks in bank of america, would BOA keep the checks. the money doesnt belong to them ?? it belongs to my company.

  • 04-18-2011 4:50 PM In reply to

    Re: Suing a bank

    PMontas:
    the money doesnt belong to them ?? it belongs to my company.

    But it's not the bank that owes you. You have no contract with the bank, and the checks involved here were not made out to YOU. Your contract is with the homeowner. That's who you must pursue for collection. Get familiar with your state's mechanic's lien provisions and follow that exactly and follow-up with a lawsuit if necessary. When you put pressure on the homeowner, they'll get the money from the bank if they want you off their back.

  • 04-18-2011 5:57 PM In reply to

    Re: Suing a bank

    Are you an unlicensed or amateur contractor? A handyman type business? The reason I ask is that every professional contractor that I ever dealt with when I was a claims rep knows that insurance companies routinely make checks out to the insured and his mortgage company and then the insured turns the check over to the mortgage company in accordance with the loan contract. The mortgage company then deposits the money in the impound/escrow account and it's held and then disbursed when the work is satisfactorily completed, invoiced and inspected. Then the mortgage company releases the money back to the homeowner who, in turns, pays the contractor. In this case it appears that BofA is the mortgage company.

    Again, above is for educational purposes.

    It has no relevance to your contract with the homeowner. You are entitled to collect from the homeowner.

    You have nowhere to go with the insurance company, the bank or the adjuster.

    Just the homeowner.

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • 04-18-2011 8:42 PM In reply to

    • PMontas
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    Re: Suing a bank

    Thank you for the replies..

    My company does roofing and painting jobs, as in my state they do not need licensing. I think, adjuster jack, that this example you gave of what could be going on, is indeed what is going on. The money was deposited into a escrow account and the BoA held on to it. But the thing is that all the work on the house and inspections from the bank have already been done. I do put pressure on the homeowners to pay up but they have been in an ongoing battle with bank. I am trying to be patient with the situation.

  • 04-18-2011 10:19 PM In reply to

    Re: Suing a bank

    PMontas:
    I am trying to be patient with the situation.

    No need to be.

    The more patient you are, the less pressure the homeowner will be under and the less pressure the homeowner will put on the bank.

    I would do what I had to do to get my money if I was in your place.

    I'm just wondering if there is something going on between the homeowner and the bank, like maybe late payments or default, and the homeowner is just shining you on for as long as possible.

    I suggest that you get your lien filed and recorded ASAP and file your lawsuit against the homeowner ASAP.

    Otherwise, you might find yourself with nothing to go after.

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • 04-18-2011 10:28 PM In reply to

    • Drew
      Consumer
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    • Joined on 03-30-2000
    • PA
    • Posts 48,247

    Re: Suing a bank

    I think you are about 11 months too long as being nice--sort out being in  HO's face big time to get paid promptly --and if your contract calls for interest--be sure you get interest added into equation .

    You risk being too late for file a mechanics lien if one waits too long --and as a practical matter  a mechanics lien is after the bank and prior liens so you might be in third place in a one horse race if the HO is underwater with his primary loan



  • 04-19-2011 7:54 PM In reply to

    • PMontas
      Consumer
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    • MA
    • Posts 5

    Re: Suing a bank

    I was trying to be patient with them because i know they are constantly contacting the bank and i believe there is something going with the bank, the HO, and their mortgage loan. So im going to take the measures i need to now before its too late. I thank everyone for their help.

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