North Country Federal Credit Union Cynthia Amerhein, Bob Cowie, Robert morgan Morgan, Theresa Olio, James Palmasano Complete robbery Vermont South Burlington

The point is it was a pretty simple deal, at least thats the way it was supposed to be. The credit union does mortgages every day and know how they work.

This "deal" had to do with you trying to buy a house and "flip" it. If after all of this, you still think the deal you were trying to get together should have been "simple",  you truly have just shown you really were over your head.  As stated before, unless you have experience and alot of hard cash as a contingency, you should not have been in a deal to "flip" a house regardless of if it was one or two properties.

You can continue to think that they "talked you into this", but in the end there is a level of personal responsibility you must take in all of this.

As to the whole attitude of "I don't care what the law states, you don't know the whole story and I am going to do what ever I can to get my money back". That is a pretty much SOP for people who really have no leg to stand.  But to continue on with some of your statetement such as infering you got into this deal because they are afraid of technology "Maybe they are just trying to suppress the release of the technology because they are scared shitless of what its going to look like" or what could basically be construed as Blackmail with statemements such as "So I can print that [the attornies letter] out and spread it across the internet anytime."

That just causes you to lose what ever credibility you may have had.

Now, in the end you may be the one person who is able to prevail, but most likely if we checked back with you 5 years down the road the chances are you still would not see a dime back from your investment.

Good Luck

    They are all frauds, and they knew what I had for money and they knew what the plan was. If thats so simple why let the credit union what they already know to be a failed investment. It's pretty much common sense whether I am a credible person or not doesn't matter. Which in fact I am. But what I am saying is I'm not a lawyer or real estate agent. They were aware of the risks of the transaction. They knew it was a high risk deal. 
    I'm not going to sit here and keep my mouth shut about it. They are just running scams and making reckless investments with the Credit Union's money. If it was my fault I'd be glad to tell you. However, this place doesn't have a leg to stand on. If they claim to have $660M in assets you'd better go check. Because very highly unlikely. They make a million dollars per year in profit. Have you seed the balance sheets submitted by this bank. Where does the $660 million come from? Taking properties that are worth $50,000 than hire an appraiser to go say its worth $90,000. Than I'm sure the town knows they are pushing it by appraising it for $70,000.
     What are you going to do print this report off and send it to the court and act like its some great piece of evidence. Oh my God he wrote a post, therefore, he's not credible. The obvious is that the bank doesn't have any money to settle the case and make it right. That's pretty clear to me. They aren't interested in making money, they are only interested in harrassing me in anyway they can. So they can keep ripping people off. I hope everyone who has a loan though this bank stops paying them. Because, I've learned enough through the course of this case to know. They can spend money till their blue in the face trying to discredit me, or hire attorneys to defend their lies. I hope they get charged double or tripple for having to put up with this case. However, I gotta go I gotta write some code.  They think they are the ultimate authority. Well I'm going to teach you something about the law of physics, its laws everyone my obey because they don't have a choice. 

Based on what you have posted, you are now telling us that you were a "First Time" Homebuyer?   WHAT?  But this purchase wasn't for a house for you to live in, your intention was to buy it and "flip" it to pay for another investment opportunity. Sorry, but this isn't preditory lending...this was just a bad business decision on your part.

Yes, I am sure these "flipper" shows on TV make it look so easy, but the fact is that unless you know what you are doing(which you obviously did not), this is something you should NEVER have gotten into. If you walked into the bank and they talked you into this situation, you may have a valid complaint. But by your own narrative you went in looking to get a mortgage to flip the house.

You actually sound like one of these resturant disaster shows, where the people say "Oh No I ever worked in a resturant, but it was something I wanted to try". Then they wonder why they are bankrupt, hundreds of thousands of dollars in debt, and hours from having to close down.

It doesn't really matter how "complicated" you think it was, you shouldn't have been in this situation to begin with.  

Then further on in your narrative.. You have stated that their attorney stated they were wrong.  You now claim TWO settlement agreements that they breached.

So why haven't you sued them?

By the way you posted on a PUBLIC web site, and this site posts the most recent reports that make it very easy to look at. No one has to do ANY searching. There is also no one here that posted who current works for the Credit Union.

Money, revenue, and profit all have ways of making people act in ways they otherwise would not.  That's why friendship can't be involved with anyone at the CU or bank, or whenever money is involved.  Keep everyone at arms-length.  You're absolutely right that this was a complex transaction - subdividing a property can be a nightmare and require a lot of out of pocket costs before the construction loan is even funded.  Something like this is more for a RE developer that has access to hard money and has no problem being out of pocket for 1-2 years on a deal.  If the CU suggested a sub-divide, then I would have stopped them right there and said no.  I might not have even come back to the CU for such a suggestion.

Now, I'd be more curious if they would have funded a loan for your business so you could roll out the new invention - my thinking is no without the property deal.  If they had funded your company without the property deal, then I would have been more impressed.  But I get a sense they were looking for a big payday on the property and they were suggesting the sale of the 2nd property on the subdivided lot could fund your business so they wouldn't have to fund the loan.  This is sort of where I'm pointing out they aren't your friends....they basically kept you from funding your own business by helping them with their problem.

I mean I hope you prevail - if everything you said is true, then something really wrong happened....  I'm just not sure whether there was anything illegal.....and that's the problem.  Best of luck...

The point is it was a pretty simple deal, at least thats the way it was supposed to be. The credit union does mortgages every day and know how they work. Frankly, I don't really care what the law says. This is more about common decency. I can take them to court and probably will have to, but probably hardly worth it. Instead, I might as well start making up my own rules of what is right and what is wrong. First off the Ceo of a bank shouldn't be making deals with people, than passing it off to someone else who has no idea the terms of the deal I made. I made a deal with Bob Cowie and Bob Cowie only. 
    He had the authority to make deals on behalf of the Credit Union as acting VP. I did not go through a mortgage process. I was just told this was the product we need to do what we need to do. You going to ask me if I was given a chance to read the terms of the agreement. Of course I didn't the day I signed the paperwork I called their Headquarters and was told to report to a branch to sign the papers. When I got to the branch. I sat in the lobby for 45 minutes waiting for them to get the paperwork faxed through. By then there was only enough time to skim the paper work for the X's where they needed a signature. There is no way anyone would've had the time to read it. In a seperate case their request for attorney's fees were denied for the very same reason.
     Frankly I don't care what the paperwork says. All I know is that they done hundreds of mortgages and allowed it turn into a catstrophe. There's a few more details but right now I am a little to close to be comfortable to write about it. Whatever, the case is I am going to make them pay for it. I'm going to get my money back because I will not stop until I do. If I gotta print reams of flyers and tour the country posting flyers, making websites, and otherwise reverse engineering their marketing campaign. Guess what thats what I am going to do. 
     This is a public forum is right, at this point I need to make people aware that these people are an absolute and complete fraud and if you go through their loan practices. If by some reason the court buys their sorry excuses. They still have to deal with me and the court of John, and I can decide when they have made the situation right and I'm a lot more fair than they are. There is actually an email from the banks closing attorney. So I can print that out and spread it across the internet anytime. However, not going to show my cards on the internet. Nor should I have to waste the time. 
     The amount of s**t I've had to go through with this place I cannot even begin to type in the whole story because their is a lot more to it than just this mortgage. However, their legal strategy is to divide it into seperate cases, probably because they knew they were going to lose the other one and did very quickly. I really don't care what happens because like I said I am not going to stop till I have my money back. I don't care what I have to do. They knew better and allowed it to happen. Supposed to be a Not for profit community credit union not a bank trying to make a profit. 
      Why would a not for profit community credit union be trying to make a profit. Maybe they are just trying to suppress the release of the technology because they are scared shitless of what its going to look like. However thats not my problem either. Their game is up and if it is somehow legal or whatever it won't be for long. I mean I really don't have much to lose at this point. However, I'm still an engineer they can't take that from me. So they can do whatever they think they are going to do. Get anyone to say whatever they think they are going to say. It means nothing to me I know what happened, I was there. So were they and they know what they did. They can make it write they can convince anyone to think whatever they want. However, it doesn't change what I think.  

It's a complicated transaction and I was a first time home buyer. I had the CEO of the bank personally taking the time to help with this transaction. I thought I could trust him Sorry for having faith in humanity. There are a lot of details not included in this posting. That is correct. All this is, is a basic outline of what happened. 
     I would be glad to depose all the witnesses myself and we can quickly get to the bottom of this. I don't have a problem with that. If these entities have the responsiblity of dealing with this situation or not. It doesn't matter because at this point I am going to start a buzz and get the case into the light. They can settle the case, in fact they already made 2 settlement agreements and breached both of them. I'm even going to get ever person that I can involved with this case. They are not nice people they are just people who are doing anything they can to rip people off. They are a big scam and I hope the FBI, Securities and Exchange commissions goes through all of their loans with a fine tooth comb. Because they are a scam they don't have any money. They are allowed to make bank credit everytime someone is approved for a loan. Loans cost them nothing they just have to qualify you for it than they create new money out of thin air. Which in this case went right straight back to them because they already had a mortgage on the property. You wouldn't even believe all the promises made in order to get me to even do this. Obviously, the fact that there is a mortgage at all issued should speak for itself. 

 You seem to be trying to pass yourself off as some highly experienced and intelligent businessman when you don't even know the difference between "then" and "than" nor know the term "sub divide"! You come here expecting to believe an attorney is going to risk his license and career by telling you what would be private between the attorney and client! Your whole use of the English language suggests you don't have a whole lot upstairs! Nobody forced you into this deal. You agreed to it. One of the favorite terms deadbeats use is "predatory" so quite possibly the real story is the loaned you money and you defaulted on the loan. Now's your time to write back "you must work for them"!

This is NOT an example of predatory lending, at least based on your narrative.  There was nothing predatory about it.  What happened is that you got in way over your head between financing your own business, sub-dividing the parcel, and the fixer-upper; the additional costs disclosed later made the construction loan untenable.  That isn't something unexpected however.  Unexpected costs always happen with fixer-uppers.

I sort of get why the CU wanted you to sub-divide the parcel - they wanted the value of the property to increase so you could benefit from the eventual sale of the properties, and qualify for the construction loan.  Unfortunately, when you sub-divide a parcel of land, there are some fairly steep costs associated with doing so, and I would not have recommended doing so unless you had access to a lot of hard money (I mean a lot!!).  The fact you had to spend $30K of your own capital, and you make a big deal about it in your narrative, tells me you were undercapitalized for such a project when something goes wrong - which it did.  That's the real problem here - I mean that isn't a predatory loan.  It sounds like a bad business decision.

We've given them many chances to do the right thing.  I always marvel when people say this.  The right thing by whose standard?  Yours?  Theirs?  The law?  I fully expect any financial institution to defend itself because it believes it is doing the right thing.  You're suing them because you believe you're right and you're criticizing them for defending what they believe is right, which is why there is a lawsuit.  The right thing depends on your point of view and the average reader can't tell what the right thing is often until a court decides it.  You then assert they can simply buy their way into convincing others that they are right because it's Vermont.  Is that because you're hedging your bet that the court will rule against you??  I mean now you sound like you may not be right.  I would also not count on the SEC to help you either; your deal would not concern them, nor would the NCUA; your deal would be outside their jurisdiction - at least based on what you wrote.

Remember this for the future:  People who work at banks or CU's are not your friends, no matter what they may say.  They make money through your business with them.  Their friendship with you will extend only as far as their ability to make $$ off of you.  Once they can't, then they are no longer your friend.  I understand it is a cynical point of view but friendship should not be expected when dealing with any financial institution and especially when it comes to money.

Best of luck to you....

Judging by the fact that you located this with a few hours of posting. I'd say you either work for the credit union, used to work for the credit union.  Also you sound just like the credit union. The only defense they have is oh he made a typo. Therefore, his is stupid and the credit union has all the money so therefore, they are always right. Guess what this is America. So if you Are Bob Cowie, Threasa Oilo, or whomever the hell you are. You have no defense your only hope is to discredit me before a bunch of others speak up who you did the same thing to.