signed loan for friend

[Seattlegirl02]

What is the name of your state (only U.S. law)? happened in Florida

This is a long story but I try to keep it short.

In Aug/Sep 07 my husband was helping his very best friend get a loan to renovate a property that he had access to in FL. He told him this was an investment property that he wanted to renovate and sell right away.
His friend, lets call him Mr. A, paid the money every month to the bank. He promised us we will change the loan in his name after 4-5 months. The last payment was made Jan 08 if I remember right. After that nothing... We started making phone calls and as it turns out, all the funds were released at one time instead of draws (as it was supposed to). Later we found out that there was no single dollar from this loan spent on the house for renovation.

We also found out, that there was a second loan in my husbands name, which he knew nothing about. When we asked him about the second loan, Mr. A said “Oh, I didn’t tell you about that”.
In July 08, my husband contacted the Bank and got all information on the loan he signed for in Aug, 2007 and also the loan taken in his name without his knowledge. The loan he signed for was already in foreclosure, and there were never any payments made on the other loan. That loan was already charged-off. Anyway, he filled out paperwork for the investigation and they determined that this loan was taken out without his consent and cleared him from responsibility for that loan.

We have also found out, that Mr. A and one of his criminal buddies he was doing all of this together, used my husbands name in many cases.
Summons was hand delivered in my husbands name to Mr. A's address in FL in late January, 2008 stating that the home was foreclosed and there would be a court date. Mr. A. said that husband lived there and he took it. There was a quick claim deed that signed the property in my husbands name from person we have never heard before.
Also we found out that the power bill was in my husbands name ... and so on ...

We do have an email from Mr. A from last year where he said he was so thankful what my husband does for him and that the loan will be out of his name by the end of 07 or beginning of 08 and stuff like that.

So my question is...since he did identiy theft on another loan, used my husbands name in many illegal cases and the bank gave out the money all at once without even checking the progress on the house, can my husband SOMEHOW get this loan out of his name or do anything that would help him in his situation???

Thanks!

[FlyingRon]

He can obviously get out of the loan he never signed.

The original loan he has no recourse against the bank it would seem. They limit the draws to protect their own interest not the borrowers.

You probably have a separate course of action against Mr. A.

[HomeGuru]

Originally Posted by Seattlegirl02

What is the name of your state (only U.S. law)? happened in Florida

This is a long story but I try to keep it short.

In Aug/Sep 07 my husband was helping his very best friend get a loan to renovate a property that he had access to in FL. He told him this was an investment property that he wanted to renovate and sell right away.
His friend, lets call him Mr. A, paid the money every month to the bank. He promised us we will change the loan in his name after 4-5 months. The last payment was made Jan 08 if I remember right. After that nothing... We started making phone calls and as it turns out, all the funds were released at one time instead of draws (as it was supposed to). Later we found out that there was no single dollar from this loan spent on the house for renovation.

We also found out, that there was a second loan in my husbands name, which he knew nothing about. When we asked him about the second loan, Mr. A said “Oh, I didn’t tell you about that”.
In July 08, my husband contacted the Bank and got all information on the loan he signed for in Aug, 2007 and also the loan taken in his name without his knowledge. The loan he signed for was already in foreclosure, and there were never any payments made on the other loan. That loan was already charged-off. Anyway, he filled out paperwork for the investigation and they determined that this loan was taken out without his consent and cleared him from responsibility for that loan.

We have also found out, that Mr. A and one of his criminal buddies he was doing all of this together, used my husbands name in many cases.
Summons was hand delivered in my husbands name to Mr. A's address in FL in late January, 2008 stating that the home was foreclosed and there would be a court date. Mr. A. said that husband lived there and he took it. There was a quick claim deed that signed the property in my husbands name from person we have never heard before.
Also we found out that the power bill was in my husbands name ... and so on ...

We do have an email from Mr. A from last year where he said he was so thankful what my husband does for him and that the loan will be out of his name by the end of 07 or beginning of 08 and stuff like that.

So my question is...since he did identiy theft on another loan, used my husbands name in many illegal cases and the bank gave out the money all at once without even checking the progress on the house, can my husband SOMEHOW get this loan out of his name or do anything that would help him in his situation???

Thanks!

**A: hire an attorney like yesterday. This is a major problem.