RICHMOND, Va. — A bank in Michigan is going after the head of a recently shuttered Chesterfield-based mortgage company, as it looks to recoup collateral on tens of millions of dollars’ worth of allegedly defaulted loans.
Michael Hild, CEO of Live Well Financial, which abruptly shut down this month and laid off more than 100 workers, was sued last week in federal court by Troy, Michigan-based Flagstar Bank.
The lender claims Hild was the guarantor on more than $100 million worth of loans – for which about $80 million is still owed – and that the loans are in default because Live Well “commenced a liquidation of its business.”
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