Attorney Help Please

[Mike86]

I'm so glad I found this forum. A lot of great information to help people like myself.

I refinanced my home in Orange County, California 2 years ago and had to take out a hard money loan because my credit wasn't good and I was self employed at the time. When I got the loan they told me my fees and my rate would be and then when I wnet to sign my papers with a notary, the fees changed a bit and the rate. I was pissed off at the time, but I signed because I neede to loan and the money. The loan funds I get my cash and then I get the final statement from my lender and the fees went up again and it looks like they added in some garbage fees at closing.

I am now late and they are trying to foreclose on my home. I want to do anything I can to fight these crooks. I have $200,000 equity.

What can I do? I know they bait and switched me and basicaly swindeled me out of a few thousand dollars, but isn't that illegal?

What makes your law firm different from the other real estate attorneys out there? What's a doc review and why would anyone get one?

Thanks in advance?

[Paul M.]

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

[caddear]

We are victims of predatory lendind and TILA violations too but the attorney I contacted wanted $2,000 up front. Where is the loc doc audit for $500.00 that I see on this board? We paid january payment on Feb. 1, and have very little money left. I know this is a predatory loan because at time we refied credit scores were in the high 700's and we got an interest rate of 8.2%, parts of loan doc's (recission page incomplete and unsigned). The refi was a no-doc loan but no mortgage lates and high credit scores should have yielded better than a 8.25% interest rate. Also would like to know if you get a lawyer will loan payments be suspended for a while.

[Moe Bedard]

Hi Caddear,
Here is the info for Marshall........and ask him any questions you might have regarding your loan.........

FORENSIC LOAN DOCUMENT REVIEW FEE SCHEDULE

$500 for one loan
$700 for a combo first and second mortgage
Non-profits or legal aid law firms receive $250 discount on all services
Please call us at 310-860-4764 for a FREE consultation with attorney Marshall Rosenbach.

This service is available to attorneys and law enforcement and there are discounts for volume. Please call for details.


Law Offices of Marshall E. Rosenbach
468 N. Camden Drive, Suite 200
Beverly Hills, California 90210
Telephone (310) 860-4764
Facsimile (310) 860-4763