Get free answers to your Banking legal questions from lawyers in your area.
I am in Michigan, and my title company recently conducted a public record search for a property I am looking to sell. An existing HELOC did not appear on this search, with the title company suggesting that it may not have been legally recorded by the bank. All I have is a monthly bank statement... View More 
answered on Jun 11, 2025
The short answer is no. A purchaser without knowledge of the unrecorded interest in the property will acquire title that is superior to the mortgage, i.e. not subject to the mortgage. However, the lender may try to find a way to change this result by questioning whether the purchaser took title... View More
I own a property in Kentucky with an active lien held by a bank on the entire property. I would like to know if I can sell a portion of my land to a private buyer, despite the lien. Furthermore, I am interested in understanding if any sale would need to be approved by the lien holder, or if the... View More
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answered on Jun 2, 2025
Almost for sure the lender has a due on sales clause in the security instrument. So if you sell collateral to someone without the lender's approval, default and foreclosure occurs. You will need lender's approval for a partial release of their lien. If this is just a judgment lien,... View More
I am planning to establish a US business entity, possibly a corporation or LLC, to sell and provide aftermarket automotive parts manufactured in Russia to the US market. Due to recent US sanctions on Russia, I am concerned about the legality and safety of this venture. Specifically, I'm... View More
answered on May 29, 2025
In addition to the issues of compliance with the sanctions laws of the two countries, both the United States regarding the verification of your Russian supplier, its managers and founders, and the Russian sanctions legislation, you will also face difficulties in making payments to Russia.... View More
I hold a valid Durable Power of Attorney (DPOA) and attempted to act as an agent for the principal (my legal name in all caps) to open an account for purchasing assets like a car or house, using security collateral owed to the principal to cover debts. However, the bank has declined my request,... View More
answered on May 27, 2025
It is unclear what you mean by "for the principal (my legal name in all caps)."
A bank or financial institution has various regulations which allow them to honor a POA but also require them to confirm the identity of their customer. A bank may require the principal to confirm... View More
I am seeking full legal closure of my legal holdings and funds within the United States, which include deeds, trusts, estates, and bank holdings. I face a Power of Attorney dispute, which was created in Newark, New Jersey, New York, and it might be used fraudulently against my holdings. Many U.S.... View More
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answered on May 21, 2025
You need to revoke that power of attorney. Make several original duplicates of the revocation and record them in any appropriate NJ and NY Counties. Also send copies of the revocation to any relevant brokerage houses or other businesses that handle your properties. This revocation should have... View More
I need assistance with the specific language required to remove a designated beneficiary from my bank account to ensure that the funds will be accessible by the estate.
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answered on May 21, 2025
This is not something that you should attempt to do within your estate planning documents; that will not work. You need to go into the bank in person and sign papers to remove the current designated beneficiary and add a new beneficiary.
I need assistance with the specific language required to remove a designated beneficiary from my bank account to ensure that the funds will be accessible by the estate.
answered on May 21, 2025
If it is your bank account and you have a trust, you can change the title of that account from your name to the name of the trust. [Check with your estate planning attorney if you don't know the proper way to title an account to place it into your trust.] If you don't have a trust, you... View More
I'm planning to file for Chapter 7 bankruptcy in Florida. Before filing, I want to know if I can maintain a bank account during the bankruptcy process.
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answered on May 27, 2025
You can and should maintain you bank accounts open during the bankruptcy process. There is nothing in the bankruptcy code that prohibits you from having and using bank accounts as you normally would. When you file for bankruptcy, the Trustee will request you/your attorney send copies of your bank... View More
I'm experiencing issues with an auto loan I settled as paid in full in December 2023 with a South Carolina company. Despite the account being closed on my credit report, late payments are still reflected, impacting my credit score. I've attempted to dispute these negative marks twice... View More
answered on May 16, 2025
As a consumer protection attorney, here’s how I’d advise handling this situation:
First, regarding the credit report errors: Since the late payments remain after your disputes with Equifax, escalate the issue by sending a formal, certified dispute letter to Equifax, clearly stating that... View More
Is it legal for a financial institution in the United States to hire a company to recruit people who buy cryptocurrency and immediately sell it for a 30% commission, with the intent of stabilizing the crypto market? This is all conducted over the internet, and I am unsure about the type of company... View More
answered on May 13, 2025
I strongly sense that this is a scam. Buying and then immediately selling cryptocurrency would not stabilize the crypto market especially with a 30% commission coming out of every transaction. If anything, it would disrupt the market and contribute to its volatility. The amount of the... View More
My husband, who is an American citizen, does not meet the economic requirements to be my sponsor in the immigration process. My sister-in-law, also an American citizen, is considering sponsoring me but she wants to buy a house in January and is concerned whether being my sponsor might affect her... View More
answered on May 14, 2025
The requirements for a joint sponsor include demonstrating a minimum income level to support the immigrant. The sponsor must factor in household size, including their own family members plus the immigrant, to meet the financial threshold. This is not a cash flow or asset-liability evaluation; it is... View More
I obtained a new EIN number for my grandmother's estate. I want to open a probate estate account at her bank in Mandan, ND. The bank representative mentioned she would inform me if the IRS EIN confirmation letter is necessary, but since it will take 8 to 10 weeks for the IRS to mail it, I am... View More
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answered on May 9, 2025
An EIN is needed to open a bank account. Your narrative states you already have one so this should not be a problem.
If you actually do not already have one you can obtain one online instantly.
My deceased uncle has a bank account with Bank of America in the US, which has been unclaimed for 20 years. I am helping my cousin, who cannot speak English well, to address this matter. My cousin has a single bank account document but hasn't reached out to Bank of America yet. We are unsure... View More
answered on Apr 27, 2025
Check the clerk's office (Estates) in the county where your relative last resided, to see if an estate was ever opened. If so, look to see if the account was distributed. Also, you can check online at NCCASH to see if the money was handed over to the state. If so, you'll need to follow... View More
I use CashApp to gamble and receive money through Bitcoin. My account was locked three weeks ago, despite having completed the verification process as requested. CashApp created a case number but has not responded to my inquiries or provided any updates. I’m concerned about the delay and its... View More
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answered on Apr 16, 2025
Typically, platforms like CashApp reserve the right to suspend accounts if they suspect fraudulent activity or violations of their terms, which may include using the service for gambling if it is prohibited. Additionally, the Bank Secrecy Act (31 U.S.C. § 5311 et seq.) requires financial... View More
I hired a personal advisor who arranged to house my money at Schwab. Initially, communication was good, but once the money started transferring, the advisor stopped communicating. I attempted to contact her several times without any assistance. Although we haven't lost any money, $1,350 was... View More
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answered on Apr 24, 2025
If your financial advisor stopped communicating after the transfer of funds and $1,350 has been taken from your account, you should take the following steps immediately to protect your interests:
Document Everything: Keep records of all communications with the advisor, including emails,... View More
I would like to know if I can sue a bank and a car dealership for fraud. My wife and I purchased a used car at a dealership in Miami, FL on February 15, 2025, and encountered several issues: my last name was spelled incorrectly on the documents; the down payment was recorded as $4,200, despite us... View More
answered on Apr 3, 2025
You should take your documents to a lawyer right away. We do not have any way of reviewing your purchase agreement and contracts in this forum.
Most used car sales are "as is" and it's up to the buyer to have the car inspected prior to purchase irrespective of what the... View More
I accidentally made an overpayment of approximately $2,000 from my bank account to the rental company for last month’s rent. Approximately $500 of that amount was used to pay for my ex's portion of the rent, even though he had agreed to cover his share. The rental company sent a check with... View More
answered on Mar 28, 2025
Many more facts are needed to answer this question. When you refer to your ex, are you referring to an ex boyfriend or an ex husband? If it is an ex husband, is there a final divorce decree including a separation agreement, or is this a pending matter? When you say that your ex agreed to cover... View More
I am tracing a judgment from 2008 that appeared on a title search related to Chase Bank, filed in Augusta County, Virginia. We want to know the particulars of this judgment. The JDL number is 080001170. The lawyers who handled the case have gone out of business. I haven't checked public... View More
answered on Mar 24, 2025
You know who holds the lien -- Chase Bank. So, contact them. You might want a lawyer to do that, because, if it is an old lien, it might be invalid or arguably so, and you might be able to negotiate it down using a lawyer, especially with all the interest and penalties that likely apply.
I am tracing a judgment from 2008 that appeared on a title search related to Chase Bank, filed in Augusta County, Virginia. We want to know the particulars of this judgment. The JDL number is 080001170. The lawyers who handled the case have gone out of business. I haven't checked public... View More
answered on Mar 24, 2025
You may be able to get the information directly from the Clerk of the Circuit Court of Augusta County, but you will probably have to go there directly or have a title examiner in that area research it for you. If the judgement was docketed in the Circuit Court it will attach to any real property... View More
I received an email from someone claiming to be Mr. Powell, Chief Officer of the Federal Reserve Bank, stating that I owe a lump sum of money. The email includes his contact information and offers three methods for me to receive funds but requests my bank account and routing number. There were no... View More
answered on Mar 22, 2025
The Federal Reserve Bank doesn't collect money from taxpayers. That's the IRS. If you must, the contact info for the Federal Reserve for the western US is here:
federalreserve.gov/aboutthefed/federal-reserve-system-san-francisco.htm
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