Posts by velvetcobra3

Timothy Kim9 said:We need to figure out if the interest rate actually went up from the original starting point.
And if it did—what was the benchmark used?
-Standard stuff like LIBOR, EURIBOR, or Treasury bills are legally defined, whereas any changes made just by a bank's internal decision
aren't legally binding—not since they had to align everything with EU regulations.
-If the rate was lowered compared to the start, or if it stayed exactly the same, I don't see much ground
for a lawsuit, since a fixed interest rate is perfectly legal.

The statute of limitations on the Currency clause starts running in 2021, if I recall correctly.

P.S. One of the major banks here in the US has already started setting aside reserves
to cover the losses from all those lost lawsuits.

Keep fighting, folks. 😁

That’s exactly how I’m looking at it too—it seems like you only have a real case if the bank illegally jacked up the interest rate while we were paying it off, based on those specific reasons you mentioned. But honestly, I'm still a little fuzzy on one thing... are we talking about the original Swiss Franc loan, or the converted Euro version, or does it apply to both? It feels more logical that it would be the Euro, since the difference between the old CVH and the Euro was already settled during the conversion process...

Branko

Peter Palmer said:Just take the original installment and interest, then calculate the difference for every single payment you've made. On top of that little gap, you can also expect to tack on default interest for every one of those installments.

That’s basically what I was thinking too... because everywhere you look, people are just buzzing about how you can sue over interest rates and exchange rates... But wait, interest AND exchange rates?!?!? Then I dug a little deeper and realized that if the interest rate actually went up, that's when you might have a case... In my situation, mine actually went down, it didn't go up... I guess that's just because I was one of the last ones to grab a Swiss Franc Loan before things shifted...

So now I’m honestly sitting here wondering if I even have a leg to stand on if my interest rate stayed flat... I mean, I get that the whole thing is based on calculating the difference from the original annuity for every payment...

People say all sorts of stuff, even claiming you can sue to prove the contract was void and get back every cent of interest paid, which sounds way too good to be true... Like, as if the whole agreement just disappears and everyone just hands back whatever they received...

Hey there,

Can someone who actually knows what's going on break this down for me? I'm a total newbie when it comes to all these lawsuits regarding Swiss Franc Loans, and I’m feeling pretty lost... Basically, back in 2008, I took out a Swiss Franc Loan for about $75,000. Then in 2015, I did a conversion to turn it into a standard Dollar loan—the bank basically recalculated everything as if it had been a Dollar loan from the start and offered me a payout for the overpaid difference from when it was still a Swiss Franc loan. I used that extra cash to pay the whole thing off early, which actually shaved two years off my term since it was supposed to run until 2017... By doing that, instead of paying roughly $12,500 in interest, I ended up only paying about $11,800.

So, looking at all this legal stuff happening now, which part of my situation would even be eligible for a lawsuit, and what kind of amount could I realistically be looking at for a claim...

I spent my whole day running errands today: hit up the IRS, a notary, and my lawyer.

The IRS folks told me that since she’s my wife (which she is), we don't need any fancy special contracts... we just need to sign a fresh lease with the tenants through JPMorgan Chase to list her as the primary landlord. As far as the IRS is concerned, they just want to make sure those rental tax prepayments are being handled, and honestly, they couldn't care less who actually signs the paperwork...

Then the notary tells me everything needs official verification, specifically two signatures on the life estate agreement plus one more on the new lease.

And then the lawyer weighs in saying we absolutely have to draw up a formal life estate agreement first.

It’s just classic, everyone's got their own little agenda and they all want to push things their way...

I think I'm just going to go with what the IRS suggested, though, because at the end of the day, they're the ones collecting and distributing the funds, and it really is the most straightforward way to handle it...

Just figured I'd share the update since I already opened this whole can of worms!

Hey everyone,

So, I own my apartment outright, 100%... But for some tax reasons down the road, it would actually be a lot better for my wife to be the one officially renting it out. We aren't planning on changing tenants or anything, just shifting things around. What do we need to do to make sure everything stays totally above board with the IRS and legal stuff?

Should we draft some kind of agreement between us about her having full use of the property (how would I even word a contract like that?)
Then have my wife sign a fresh lease with the tenants

What kind of paperwork would I need to file with the IRS so they stop looking at me for the rental income taxes and shift all those future obligations over to the new landlord—which would be my wife?

And does this whole "use of property" agreement need to be recorded with the local county recorder's office or something similar in our situation?