First, we obtained a loan from Bismark mortgage using our new home as collateral to support building project. Later, we needed a second loan and used another piece of property we owned as collateral. We discussed the issue of not agreeing to comingling the loans. Bismark agreed.
We scoured the contract thoroughly to assure ourselves that this would not happen and signed the contract. Several months later we went to pay the smaller loan off and they told us we would have to pay the total for both loans off then. They auctioned off one property and forclosed on the other.
We sought legal advice and were counseled that it was in our best interest not to fight it even though it was clearly wrong, and walk away. We kept tabs on that company and learned they were forclosing on 40 properties per month at that time (1993/84) and that they were operating just this side of the law. Any information would be appreciated.
Maryellen
Spokane Valley, Washington
U.S.A.
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