Bank Loses Court Fight to Foreclose on $50,000 Loan

By: Wausau Associated Press
By: Wausau Associated Press

The Third District court says the F&M Bank Wisconsin misrepresented the risk of signing a loan guarantee and therefore cannot foreclose on James Vandenberg, a Kaukauna auto body shop owner.

Vandenberg leased property to Michael Herbert for a used car lot.

Herbert took out the loan to make improvements. The bank says the lot would have to be held as collateral.

Vandenberg agreed to that after getting assurances from the bank that it was low risk because Herbert's home and recreational property were also put up for collateral.

The decision upholds Judge Dee Dyer's decision to dismiss a foreclosure lawsuit filed against Vandenberg.

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