Is the bank committing bank fraud by using colateral that does not exist in the loan? and Bank of China in Weihai, Shandong Province

Is the bank committing bank fraud by using colateral that does not exist in the loan?

I am a co-signer on a loan with a bank. One of the co-signers sold the colateral pledged to the bank, the bank knows about this and does nothing against the co-signer, I want off the loan, but the bank refuses. Can I sue the bank for fraud, if they are still using the colateral that does not exist?


bank best answer:

Answer by DON W
Don't think so. It's the bank's choice whether or not to require collateral on any loan. If they knowingly accept the fact that the collateral is no longer available, that's their choice.

I'd get this documented, though, so if they ever come to you for payment (because the person who took the loan didn't pay), you might have grounds to fight them.

Sounds like you made a bad choice in co-signing for people who would pull this.

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Bank of China in Weihai, Shandong Province


Image by ConanTheLibrarian
Hostess explaining to a group of visitors how to exchange money. A moment after I took this photo a guard came up and told me it was a no-no to take pictures in banks in China.

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