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painintheaspens · Jan 3, 2009, 04:48 PM

My bank stopped funding a construction loan for a home in Jefferson County, Colorado for "budget concerns" then foreclosed on me for not having the house built on time! The house could have been built for the agreed upon loan amount and always had plenty of equity. The land was debt free before this project and has since been taken away from me and resold to another party. I was never given the option to make payments! What is the statute of limitations to sue the bank and what type of suit should I file?

JudyKayTee · Jan 3, 2009, 05:08 PM

Originally Posted by painintheaspens

My bank stopped funding a construction loan for a home in Jefferson County, Colorado for "budget concerns" then foreclosed on me for not having the house built on time! The house could have been built for the agreed upon loan amount and always had plenty of equity. The land was debt free before this project and has since been taken away from me and resold to another party. I was never given the option to make payments! What is the statute of limitations to sue the bank and what type of suit should I file?

Difficult to say without more information. For some reason the bank decided that the loan was no longer viable. Would need a whole lot more information.

What was your argument against foreclosure at the foreclosure proceedings?

I wouldn't attempt this without a heavy duty Attorney.

excon · Jan 4, 2009, 05:27 AM

Hello pain:

Judy is right on. So, why are you asking about this NOW?? Sounds as though there was a LOT you could have done THEN. Now that your property belongs to somebody else, you're not going to get it back...

excon

twinkiedooter · Jan 4, 2009, 12:27 PM

You've essentially let the horse run out of the barn and then decided, oh gee, I should have locked the barn door. But you didn't. As Judy and Excon pointed out you should have gotten an attorney to represent you prior to the land being sold. It's hard to undo something like that now.