| Re: Attorney Help Please
Yes, changing the loan terms and fees at the last minute when you are desperate for the cash-out is a bait and switch. Fortunately, you have equity in your house which means you have some options. One would be to refinance into a better loan (probably tough to do in today's market and given your late payment history), the other is to see if there are violations which can be see right in your loan documents. A loan document review might identify a miscalculated APR (annual percentage rate) extra fees, miscalculated closing costs, or excessive fees. If certain violations are found, you might be able to rescind your loan, get all the fees and interest you paid back, and restore your credit.
While there are many real estate attorneys here in So Cal, our law firm regularly deals with predatory lending issues. Contact a real estate attorney near you and ask about having them do a document review for TILA, RESPA, and HOEPA violations. You might be surprised by what they find.
- Paul |