Business or Personal loan?

There are  number of things that were done incorrect. and im trying to address them one at a time. the first issue that i feel is important is to estblish that it was indeed a personal intent/purpose.

jusj:

There are  number of things that were done incorrect. and im trying to address them one at a time. the first issue that i feel is important is to estblish that it was indeed a personal intent/purpose.

Then it's time for you to hire a lawyer.

I think we've gone as far as we can go here.

Well i wanted to address my other issues, but if its that time then its that time. I feel like im not quite ready to spread my wings and fly but what must be must be...wish me luck jack!

jusj:

Well i wanted to address my other issues, but if its that time then its that time. I feel like im not quite ready to spread my wings and fly but what must be must be...wish me luck jack!

Good luck.

Feel free to come back to this thread later if you think additional discussion will help.

I'm having a devil of a time to follow your issues as to TITLE vs issues as to LOAN.

I can assure you that there can be piles of problems  to merge previously separate properties onto a common deed , especially if some of the  lands or uses are nonconforming .

And the problems to unwrap a common deed and loan if you seek to sell of but one of the parcels can be equally daunting .

And for all I know if one of your rentals becomes uninsurable it might cause the whole finance package to be called/collapsed

I don't know what you wanted to do  but the actual deed and actual note are likley to be the actual deal in place.  And under the doctrine of merger it very likley that any side conditions you intended to be part of the deed got wiped out entirely  if they were not preserved in the deed or most carefully outside of same.

Look, I understand the lenders desire to package it as a commercial deal so as to address different  standards --and if the home was not  carefully carve out but carefully packaged in --well that may be a long debate that is 100X more expensive for you now....

I bought 5 pieces of property all under one loan. The purchase contract listed myself individually as the buyer but the title company conveyed title to my LLC. When I asked why this happened I was told that it was simple human error. When I asked them to correct it I was told that a claims investigation has been opened and they are looking into the issue to see if a correction deed can be performed. What is the need for an investigation? could they be liable for any issues that arise between my bank and myself?

Thats an added slant...

If you  contracted with a professional to do X and X was clearly described in a contract they were to follow but instead your contractor did Y   you might have an interesting claim against  your contractor and no wonder your contractor is going into hide mode.

Now  IF at the time of actual settlement you actually signed  Y I'm not sure what all this does --I suspect you are stuck with Y as that is what you signed.and presumably you can read English.

However that may not rule out a very serious claim against your contractor  --I'm sure you can find a very expensive  accountant to provide expert legal testimony as to economic value difference as to V vs X  and one way or another your contractor who dropped the ball might need to settle up--but I think you have a major problem as you apparently signed the wrong paperwork and agreed to same.

I 101% think this was NOT simple human typo error  

But I also suspect the cure is NOT impossible  you just need to have the best lawyer around so as to have decent odds.

I was keeping the posts separate bc they are separate issues. All under same deal but separate and each of them carries enough confusion on their own

I fail to follow why  it is any too hard for the title firm to just get it done the way the contract calls for it to be done --all I think the title firm needs to do is to induce the lender to agree as well and that should be a pretty straightforward issue of title firm puts up money or bond to cover the issues to the saitsfaction of the lender----not rocket science? .

jusj:

I bought 5 pieces of property all under one loan. The purchase contract listed myself individually as the buyer but the title company conveyed title to my LLC. When I asked why this happened I was told that it was simple human error

But, as Drew points out, you signed the documents at closing which could mean that you accepted the transfer of title to the LLC.

jusj:

When I asked them to correct it I was told that a claims investigation has been opened and they are looking into the issue to see if a correction deed can be performed. What is the need for an investigation?

1 - They want to cover their butts.

2 - As I pointed out earlier, they will need the lenders consent to change the deed of trust. I suspect the lender might circle the wagons, too.

jusj:

 could they be liable for any issues that arise between my bank and myself? 

No way of telling until an "issue" between you and your bank actually arises.

jusj:

I was keeping the posts separate bc they are separate issues. All under same deal but separate and each of them carries enough confusion on their own

Yes, but all the background information on the "deal" is in this thread so anything even remotely connected to it should stay in this thread. We are perfectly capable of figuring out what's what.

Right now one of your concerns is getting your LLC off the title to the properties and you are just going to have to wait until the title company gets done with their investigation to find out if that's going to happen or not.

The other concern is whether or not the transaction involved a business loan or a personal loan. You've never really said what kind of "protection" you are looking for so it's difficult to see why it makes a difference.

Maybe, at this point, you can actually answer the question.

What kind of "protection" are you looking for?

Jack if you think its best to lay it all out at once here ya go. Once it is established that this was to be a consumer loan it further can support and be established that the purchase agreement was correct and title should have been conveyed accordingly. I then want to prove fruadulent misrepresentation as their appraisals are stating that it was necessary to travel outside of the neighborhood because of a lack of similar properties. I have pulled several properties that sold up to a year prior in the correct area. I also can show a history of these types of appraisals with at least 2 other properties and I can show why the bank did them to satisfy their own needs. I think this could be considered a RICO case. Next it will be important to establish that a one year balloon note on my primary residence that was misrepresented is impracticle and should never have been originated.I will want to address the issue of my lender passing on anoither persons debt to me and again I stand by my statement that this could be looked at as extortion. I will want expose why the bank did it. I then I want to address the fact that i was told a line of credit would be looked into "after the dust clears" from the closing of the subject loan only to be told 8 months later that such a small line of credit just isnt worth the hassle. I can prove this and I can prove the disaterous impact this has had on  me.promissory estoppel.

Also the lender has no consent to give this is my house and deed. I created a deed of trust and that is their only interest, I can extinguish their interest. my interest is superior.

Look, so far you are your own worst enemy --or it seems so..

You apparently signed a document that was inconsistent with the contract in place and you knew darn well it was inconsistent before you signed it or else you get the stupid award.

You probably have telegraphed your intentions to just about everybody that you are looking to hang somebody.

Everybody in sight is digging a legal foxhole , exercising complete memory failure and may have lost  a lot of papers they know not where.

Probably would have been easy to get somebody to fix a simple glitch but now that you have turned it into a witch hunt everybody is running for cover

You are lucky you are not in my area--the paper snafu to change a contract of sale to yet another new name but some sort of assignment or outright change could have triggered up to a 4% added tax on the gross value of the deal such is the nature of a transfer tax 2-4% . .

I have no doubt that a lender put the screws to you to clean up some exposures on the lenders side of the equation --but your quest for retaliation seems a bit too clear!

Drew you just went on a rant of nothing that was lead by an assumption of what I"probably" have done. The CFO of my bank has appointed a CEO to resolve my situation - We have met once outside of the bank and are meeting again today.

The title companys counsel has admitted fault of their closer.

Nobody is avoiding the sitution or running for cover.

Further I releaze my post is hard to follow because there are multiple issues and co mingling of the issues but im really having difficulty finding consistency and relevance with your comments.

jusj:

The CFO of my bank has appointed a CEO to resolve my situation - We have met once outside of the bank and are meeting again today.

The title companys counsel has admitted fault of their closer.

Nobody is avoiding the sitution or running for cover.

Good.

Then I suggest we put the discussion on hold until you find out one way or the other what they all are going to do.

Please make sure you come back to this thread where all the history is and don't open up new ones.