Loan Mod Failed. Hired Lawyer

[curtisgc]

Hi Everyone,

This is a great site.

US bank holds my first and my second. PFF originally made the loan. US Bank refused my loan mod because they said they would loose less money if they foreclosed. Doesnt make any sense since my house appraised 20 percent less then what I owe. The second lien holder which is the same bank (us bank) has set a sale date. I hired a company who had a forensic audit on my loan docs and have indicated to me many violations and has said I have a very strong case.

My question is:

Do Tila, respa, predatory lending violations and civil violations actually translate to a winnable lawsuit?

How many people actually have their loans recinded?

The sale date has been set, when my lawsuit is filed will it guarantee my foreclosure sale be stopped?

Can I stay in the home the whole duration of the lawsuit and not worry about making a payment and or being foreclosed on?

What is a reasonable cost of hiring a lawyer and going thru mediation and or a trial? Actual attorney fee's not a 3rd party intermediator.

What is a reasonable outcome in this situation. I havent made a payment in almost a year and I put a sizeable down payment, so if my loan was recinded it would be very good for me? Can I choose to fight them all the way to trial?

How can I determine if I have a case worth pursuing all the way to trial or recission vs trying to get a loan mod thru


Thanks in advance!

Curt

[darkdays]

When is the sale date? Retainers will vary based on where you live. Attorneys like to get paid for their work so when you tell an attorney you are 1 year behind on your mortgage and in foreclosure, they will probably request a high retainer to be sure they get paid. Yes, you can stop the bank from foreclosing while the lawsuit is pending if you can convince a judge that you have more likelihood of winning on the merits than not and you will be required to put up a bond as an act of good faith in your belief that your case has merit. This bond amount varies state to state and is usually a percentage of the value of the mortgage. Many states are now "borrower friendly" and have reduced the percentage that is required for the bond. The percentage can vary anywhere from 1% to 100% of the mortgage amount. Check your local court website for this answer.

[flagirl4444]

Have you researched what happens when you rescind a loan? In order to do this, you have to have backup funding to return the principal balance to the lender. They return all the closing costs and interest you paid, but you still have to return their full principal to them. Is this a refinance? Which loan had the violations?

[curtisgc]

I put a sizeable down payment over 525k, my first is for 750k and my second is for 250k, I refinanced my second and pulled some money out about 150k. Purchase price was 1.35 million. So if I can recind the loan I would get my downpayment back, all interest paid plus fees? Then I would be on my own to get a loan for the difference? Most of my mortgage payment is interest, would that be returned to me also? I could find a hard money loan to satisfy my loan if I was able to recind. What are the chances of that happening? Does anyone know of a success story?

Sorry for the delay, I could not see my responses to my posts until now.

[curtisgc]

Sale date is set for November 13! I have a 3rd party paying for most of the lawyers fee's and will share in the settlement if successful. I am in San bernardino County, California. I have no idea what the bond amount would be, any clues. How could you loose the bond?