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Dear Inge, it seems to me that the wording of the note and deed of trust will control whether the bank has any legitimate claim. On the face of it I cannot see why even if the collateral has lost value without fault of the borrower, that means the borrower
is somehow in default. Were there insurance proceeds as a result of the fire? That should come into any calculation of lost value. Yours truly, Doug Owens <br class="">
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<div class="">On Mar 3, 2022, at 12:41 PM, Inge Fordham <<a href="mailto:inge@fordhamlegal.com" class="">inge@fordhamlegal.com</a>> wrote:</div>
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Colleagues,<o:p class=""></o:p></div>
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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 15<sup class="">th</sup>. Please let
me know if you (or someone you know) deals with these types of disputes. All referrals will be forwarded.<o:p class=""></o:p></div>
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Best regards,<o:p class=""></o:p></div>
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<b class=""><span style="font-size: 13pt; font-family: Cambria, serif; color: rgb(32, 56, 100);" class="">Inge A. Fordham | Attorney</span></b><span style="font-size: 12pt;" class=""><o:p class=""></o:p></span></p>
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