what can I do if I feel that I am a victim of predatory lending?
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on Sunday, November 29th, 2009 at 1:00 am and is filed under Home Equity Loan Refinancing.
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Wow…that’s some "creative" financing…
I cannot imagine how they even got that type of loan to go through…
Not only are your "backs against a wall" at this point, you’re credit has taken a blow with 2, 30 day dings…
You can TRY talking to the lender…talk to someone their who may be able to restructure your loan (not necessarily re-fi…which I do not think is an option for you right now)…
See how far you can get with the lender. You may want to consult with a real estate attorney beforehand just so you’ll already know what your options and limits are.."forewarned is forearmed" I always say…
Having a LOT of knowledge before talking with them, will go a long way in getting something done…
If not..then you’ve already lined-up and spoken with an attorney…and proceed from there…
Good luck, my dear…
This is a very bad loan. The problem is that you surely signed the loan document that spelled out the terms and conditions. I have never heard of a mortgage that included liens on personal property in the event the equity of the property dropped. However, I’m sure you have it right. They did the correct thing in paying your back taxes. that is to protect their interest.
Your credit score is going to look pretty bad, so refi is going to be difficult. Contact Countrywide, and ask what programs they have available for distressed loans. If you get no where, contact a local non profit that works on helping people like yourself. almost any minister, priest, or rabbi will know whats available in your area. They can work wonders with mtg companies, at no cost.
The lender has the right to pay the property taxes and increase your payment to cover those taxes. The lender could have not paid the taxes and foreclosed on the property, likewise if you didn’t keep up on the fire insurance on the property.
Sounds like you financed your property through a "hard money lender". It sounds like you could have been taken advantage of considering most home loans the property is the only collateral. I would contact someone at HUD in your area and/or an attorney. HUD might be able to help you find a place to refi.