tomt1983
07-03-2009, 01:52 PM
I had 3 loans with a local bank. All were protected by disability health insurance. I became ill, and after seeing my local physician, obtained proper paperwork to submit to the insurance company showing that I was unable to work per doctor's orders. The insurance co paid 1 month of payments to the bank, then sent me a letter telling me that my recently diagnosed cardiac condtion has been determined pre-existing. This took approximately 3 months. When that happened my loans automatically were in default. (The loans are for my commercial equipment and personal auto.) Since one loan was almost paid off anyway (only owing $1200), I sold my Peterbilt for $18,500 in order to catch up on all my bills. The bank refused to let me sell this unless the payment was wired to them. They then applied the whole $18,500 to pay on all three loans and essentially stole my profit. I still haven't been release to go back to work. Do I have any recourse?:mad: