[WSBARP] Lender Dispute - Columbia Bank

[Inge Fordham]

Colleagues,

A former client contacted me regarding a dispute with his mortgage lender.  This is not my area of expertise so I am looking for referrals.  The former client owns and operates a restaurant business.  The business owns and operates a restaurant in a building encumbered by a mortgage issued by Columbia Bank.  Approximately 4-5 years ago, the building was appraised.  Within the last year, Columbia Bank ordered another appraisal, which came in approx. $700k less than the appraisal from 4-5 years ago.  The building suffered a fire and was renovated but we would not expect the appraisal to come in at $700k less than the prior appraisal.  If anything, we would expect the building to appraise for more than it did 4-5 years ago (especially considering the recent renovation and improvements).  Columbia Bank is demanding that the former client either pay down the note (by $700k) or pay the note in full.  Columbia Bank is being quite aggressive and is demanding an answer no later than March 15th.  Please let me know if you (or someone you know) deals with these types of disputes.  All referrals will be forwarded.

Best regards,

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Inge A. Fordham | Attorney
Fordham Law, PLLC
3218 Sixth Avenue | Tacoma, WA 98406
Office: (253) 348-2657 | Mobile: (206) 778-3131
www.fordhamlegal.com<http://www.fordhamlegal.com>

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