JP Chase owns one of our units and has turned away potential buyers with switch and bate tactics, like mandating our condo association becomes FHA certified (which we succeeded in doing), then pulling the rug from under the poor citizen applying for the loan. After the closing process succeeded, JP Chase said, "We want to auction this property off, instead." This is not legal and I have spoken to the applicant. Like any individual, he fears retribution if he sues his bank. JP Chase has managed to hold on to this property for 3 years now, switching and bating every new applicant, along the way. Is this legal? We are a small Association, FHA approved with 11 owners as residents. We have an excellent Board (I am VP of Board) however, we have never used an attorney in 30 years. This situation has never surfaced before. Are big banks this greedy? Our Board meeting is Tuesday and I fear an investor will purchase without notifying us. Can investors do this?
