Was RS Incorporated a Predatory Lender?

[jerwagsar]

Hello,

My name is Jerry. Roughly 18 months ago, I purchased a home using a mortgage lender called RS Incorporated out of California. I live in Kansas. There were several parts of the promissory note that make me believe that I was preyed upon.

The term of the loan was 24 months, interest only. I purchased the home for $27,800, but the loan amount was $30,107. When questioned on the principal amount difference, I was told that it was "fees". I was not provided any Truth in Lending disclosures, whatsoever. My promissory note does not have any APR or interest rate listed on it, only the payment amount.

When I did some research, Kansas has a law called the Universal Consumer Credit Code, that apparently home purchase loans fall under if the loan exceeds 100% of the appraisal or purchase price whichever is greater (there was no pre-purchase appraisal done). The code requires them to be licensed to lend in Kansas, however, they are not. Furthermore, the code specifies that if they are not licensed, the loan is voided and the amount paid thus far is to be refunded 2 times over.

However, I wanted some legal advice as to whether this is actually true or not (ie: is my interpretation correct). Furthermore, what legal recourses do I have for the lack of being provided Truth in Lending disclosures. I understand that the three day right of rescission does not apply, because this was a purchase money mortgage not a refi. However, I can't get an attorney in the area to help me, they all only deal in personal injury.

Please help, (I have 5 months until I have to pay the balloon)

Jerry