Brad Foerster Asks Paul Cronin About Bank of Ann Arbor & Real Estate Machinations
Ann Arbor Bank and real estate machinations
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Hi Paul, I was just thinking about the what the Bank of Ann Arbor did to us and how its actions made no sense financially.
If we assume that the Bank of Ann Arbor paid first lien position of Bank of America mortgage of $257K which the bank has gone to pains to conceal from us then it means the bank took a significant loss in the loan (this is confirmed by the 1099 C form filed by the bank).
So what bank refuses payments from its borrowers to force a foreclosure and then execute a sheriffs sale from second lien position when it knows it is going to take a substantial loss?
And you are right in the middle of this as you told Myria and Cyril that you had a cash to serve as the “bank” and we (under Cyril’s watch) entered an agreement with the bank to reclaim our properties based on your assurances. But then you reneged on the agreement saying you needed more time to secure a loan but the bank refused to provide another two weeks (?!) even though based on your documentation you would qualified for the loan!
Following the bank refused to let us stay in the house to allow our kids to finish the school year and evicted us in May 2018 as you know. When Myria asked you and Aine about this in 2018, Aine became angry claiming that you did everything you could for us despite the facts.
And then it appears that the bank was very careful not to “profit” on its illegal taking of our properties (you read our RICO case that Cyril prepared with us) and sold both Geddes Ridge properties for $1.8M (I’m sure the bank could have sold both properties separately and made a profit if it wanted given that 620 Geddes Ridge was/is a highly desirable building lot) to Wolfers/Stevenson which would “cover” the financial loss plus the $1.5M amount from the construction loan.
When we shared the documentation from the Sheriff’s sale and the court cases as well as the agreement you signed with us with our banker, our real estate agent, and attorneys here in Maryland they have all concluded it was a carefully constructed scheme (once again with no “financial profit”) to strip us of our Ann Arbor properties with you right in the middle.
And then we have heard that Aine is living in 1745 Brian Court which would further complicate what happened. What say you Paul?
Brad