Foreclosure letter has 0 % foreclosure charge. Foreclosure letter has 0 % foreclosure charge.

4 years ago

I had taken a business loan, tough I had signed document with 4 % foreclosure charges I requested bank to reverse charges before foreclosuring the loan on mail. The bank replied that they will give us answer within few day. Later I received foreclosure statement with 0 foreclosure charges. So I took aknowledgement of the foreclosure letter from the bank and foreclosed my loan. Upon foreclosuring of my loan they still charged me foreclosure charges, when I asked why did they issue a foreclosure letter with 0% foreclosure charges, and why did they not inform me about foreclosure charges they said that you had signed the agreement wherein it is mentioned that you have to pay foreclosure charges, but my point of argument is "1. Final communication with bank was at 0% foreclosure
2. I have mail asking them to waive my foreclosure charge.
3. Also aknowldgement from bank officers about receiving 0% foreclosure charges.
4. No communication from Bank to us before directly deducting foreclosure charge. "
Can you tell me whether I have case or no?? Should I go to ombudsman?
Are there any presedence of similar case?

Kishan Dutt Kalaskar

Responded 4 years ago

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A.Dear Sir,
You may get issue a legal notice followed by suit for foreclosure.

Please take PAID phone call with me through VIDHIKARYA and get more legal guidance.
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Abhimanyu Shandilya

Responded 4 years ago

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A.If they confirmed that they will not charge any forclosure amount and have given a written letter to that effect then you do have a strong case.

First go to Banking Ombudsman then to consumer forum if required.
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