Bank of Ann Arbor Reported $1,412,380 Sheriff's Sale Purchase; Follow-Up RESPA Request Seeks Reconciliation Record
After Bank of Ann Arbor completed a non-judicial foreclosure on three properties owned by Drs. Bradley Foerster and Myria Petrou, the Bank purchased the properties at an August 3, 2017 sheriff's sale in connection with Loan No. 500987: 1745 Brian Court, Ann Arbor, Michigan 620 Geddes Ridge Avenue, Ann Arbor, Michigan 630 Geddes Ridge Avenue, Ann Arbor, Michigan Since the sheriff's sale, Drs. Foerster and Petrou have repeatedly requested that Bank of Ann Arbor identify the records showing how the sheriff's sale proceeds were applied and reconciled within the Bank's accounting records. In response to a recent RESPA request, Bank of Ann Arbor produced March 2025 correspondence to the FDIC stating that the Bank applied an ORE valuation of $1,151,261 to the outstanding loan balance following the sheriff's sale. According to records provided by Bank of Ann Arbor: August 3, 2017 — Bank of Ann Arbor states it purchased the three properties at sher...