Michigan Llc Mortgage Lending

Summary

An LLC in Michigan can act as a lender and place a lien without a broker license if not regularly engaged in lending. If a lien is placed without disbursing the full loan amount, it may violate the Michigan Mortgage Brokers, Lenders, and Servicers Licensing Act, and could be considered fraud or breach of contract. Handwritten changes after notarization may also be problematic. Consider consulting a local attorney for personalized advice.

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what law is violated in michigan if you place a lien on property and you did not disburse the full loan amount
In Michigan, if an LLC places a lien on a property without disbursing the full loan amount, it could potentially violate the Michigan Mortgage Brokers, Lenders, and Servicers Licensing Act, as well as commit fraud or breach of contract.
For your situation, can you provide more details about the circumstances surrounding the lien and loan?
they placed a lien on my home after disbursing only $* of the 33k loan, I believed my friend was co-signing and he was the lender from his own LLC, he paid small disbursements through paypal. He never paid the full amount I didn't get approx 11k of the loan, after the document was notarized he hand wrote his name next to drafted by on the contract and filed it with the register of deeds
I'm sorry to hear about your situation. It sounds quite complicated. Here are some potential legal concerns based on your description:
- Fraud: Misrepresentation of the loan disbursement.
- Breach of Contract: Failing to provide the agreed loan amount.
- Improper Notarization: Handwritten changes after notarization could be problematic.
To better assist you, would you like to be connected to a local lawyer in Florida who can provide more detailed advice?