Bank of Ann Arbor Construction Loan Ledger vs Credit Reporting: $15.29M TransUnion Tradeline (Drs. Foerster & Petrou)
Context — Loan Status and Payment Instructions (February–March 2017)
On February 28, 2017, Cindy Livesay, Executive Vice President and Chief Credit Officer of the Bank of Ann Arbor, and her counsel, Pam Ritter, met with Dr. Bradley Foerster and Dr. Myria Petrou, with their counsel present, and representatives of Liberty Title.
During that meeting, Livesay stated that the construction loan had expired, that no further payments could be accepted, and that she could not take any action on the loan other than to report its status accurately to the credit bureaus.
Following the meeting, Dr. Foerster and Dr. Petrou made a $6,000 payment on March 2, 2017, as reflected in the Bank of Ann Arbor loan ledger.
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Shortly thereafter, the Ann Arbor Police Department executed a search warrant against Dr. Foerster and Dr. Petrou’s Bank of Ann Arbor account, and the bank stated that no further payments could be made on the loan and none were accepted preceding the foreclosure.
Related Record: Search Warrants in Ann Arbor Police Department Case 17-3517 (2017) .
Credit Reporting — Bank of Ann Arbor Loan (June 27, 2019)
The following exhibits reflect how the Bank of Ann Arbor loan for Dr. Bradley Foerster and Dr. Myria Petrou was reported across credit bureaus on June 27, 2019. The construction loan was approved in the amount of approximately $1.529 million.
What the Record Shows
• The same loan for Dr. Foerster and Dr. Petrou is reported as two separate tradelines in TransUnion
• The loan appears as both an installment account and a separate revolving account
• The $15.29 million figure appears as a revolving credit limit
• The two tradelines reflect different account-level comments, including “profit and loss writeoff” and “foreclosure redeemed”
• The two tradelines reflect different update dates, indicating independent reporting histories
• The report states “foreclosure redeemed,” but Dr. Foerster and Dr. Petrou did not redeem the property
Exhibit 1 — TransUnion (Petrou)
TransUnion (June 27, 2019) reflects two tradelines for the same Bank of Ann Arbor loan for Dr. Myria Petrou, including an installment account and a separate revolving account with a $15.29 million credit limit and a “foreclosure redeemed” notation.
Exhibit 2 — TransUnion (Foerster)
TransUnion (June 27, 2019) reflects the same dual tradeline structure for Dr. Bradley Foerster, including both installment and revolving accounts for the same obligation, with the same $15.29 million credit limit and “foreclosure redeemed” notation.
Exhibit 3 — Experian (Foerster and Petrou)
Experian (June 27, 2019) reflects a single installment tradeline for the Bank of Ann Arbor loan for both Dr. Bradley Foerster and Dr. Myria Petrou, including a $15.29 million original balance and notation that collateral was reclaimed to settle a defaulted mortgage.
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Brad Foerster, MD PhD
Brad Foerster is a FOIA advocate documenting requests, transparency disputes, and accountability investigations involving public agencies, universities, police oversight, and Russia-Gate related inquiries. His work compiles original documents, timelines, and analysis of public records and institutional responses. Brad is also a board-certified radiologist, author of Town & Gown, and has published over 40 peer-reviewed articles. Brad lives in Potomac, Maryland with his family and is active in the Montgomery County Medical Society and the Takoma Park U.S. & World History Book Club.