adding things to contracts after being signed

[ddaugherty]

My husband and I were farmers until recently. We had several debts with our local bank. We have had a couple of years of bad crops and are in financial trouble. Last year we refinanced our home to pay off one loan of $25,000. When we went to the bank to see what we could do about restructuring our remaining loans, we found out that the farm loan we have with the bank had been altered. After paying off the $25,000 loan, the bank loan officer had his assistant hand-type in on the second loan the collateral that had secured the first loan. We were unaware of this action and did not approve it. Is there anything we can do to make the bank remove the collateral from the second loan, and what and where do I find laws that deal with this kind of thing? Wouldn't this be considered a violation of banking laws? I am concerned also that if they did this to us, they probably did it to others as well. What, if anything, can we do about this? I appreciate any advice you could give me.

 

[I AM ALWAYS LIABLE]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by ddaugherty:
My husband and I were farmers until recently. We had several debts with our local bank. We have had a couple of years of bad crops and are in financial trouble. Last year we refinanced our home to pay off one loan of $25,000. When we went to the bank to see what we could do about restructuring our remaining loans, we found out that the farm loan we have with the bank had been altered. After paying off the $25,000 loan, the bank loan officer had his assistant hand-type in on the second loan the collateral that had secured the first loan. We were unaware of this action and did not approve it. Is there anything we can do to make the bank remove the collateral from the second loan, and what and where do I find laws that deal with this kind of thing? Wouldn't this be considered a violation of banking laws? I am concerned also that if they did this to us, they probably did it to others as well. What, if anything, can we do about this? I appreciate any advice you could give me.<HR></BLOCKQUOTE>

My response:

Was this done before or after you received a copy of the contract?

IAAL



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