I had a loan with what I know now is a Predatory Lender. I need help with this issue.?

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I took out a mortgage loan with a lender and was swindled out of $ 34,000 which was my down payment. This was all of the money that I had saved all my life. I was buying my dream house. I have searched the NC laws and now know that my claim is valid. I cant afford an attorney and Legal Aid wont help me because I am a homeowner and hold a bank account and a job (part-time very low paying). I need a copy of my mortgage closing docs for the loan in order to prove my case. I also need the assistance of an attorney to write the letters on my behalf. I am willing to pay a fee of $ 500 out of proceeds received. I live in NC. Do you know of anyone qualified that will help me? I am willing to give you my e-mail address. vtimlic2002@yahoo.com May I have yours?

We are in Illinois, and I need to know the laws regarding this timeframe. The original lender said they could not refinance us at a more favorable rate, so we shopped and found another which could. We completed the paperwork, and made a written request that the mortgage be released to the new lender, yet the old company is seeming to stall. I understand they don’t want to lose the loan, and that every day (minute!) that they hold onto it, they make more money off of us, but it is over a week now. When we call them, they pleasantly tell us they are so sorry, but there is a delay in processing, and they hope it will take place “by the end of today” (for 4 days now). What is the law regarding this, and how do we proceed? I fear they will delay us so long, that our next payment TO THEM will be soon due. Thanks!
Thanks for those of you who have answered so far. Let me clarify just a bit-we HAVE completed all paperwork for the new loan, and been approved. All the final signings have been done and processed. The old lender is not cooperating to release the payoff amount nor the loan to the new lender, which is why we, as the borrowers, are trying to move the process along. Until the change is made, we are still obligated to the old lender, and they hold the mortgage as hostage.

9 Comments
  1. Reply
    tonka truck
    February 8, 2011 at 2:11 pm

    That sucks, but sorry i cant help you. Best of luck to you!

  2. Reply
    goz1111
    February 8, 2011 at 3:03 pm

    best bet is to look up the law schools close to you in NC, and see if they have services to help , give them a call you never know

  3. Reply
    jenay672001
    February 8, 2011 at 3:20 pm

    EASY- contact HUD. Housing and Urban Development.

    You can also try some local consumer advocates, but HUD is the governing authority that’s looking heavily at Predatory Lending.

    Thr problem with most of these cases is that the borrower doesn’t discover the fraud until after signing all the documents.
    If the lender disclosed properly, and you signed the docs, you probably don’t have a lot of ground to stand on. Unless you can prove they held a gun to your head and made you sign.

  4. Reply
    pattibcacl
    February 8, 2011 at 3:32 pm

    I,m sorry that happen to you do you have a realtlor to help you she was suppose to look out for somebody like this to make sure the fianceing when though if not she could lose her lisence

  5. Reply
    betty boop
    February 8, 2011 at 4:29 pm

    My sister just refinanced it took about 2 weeks and then there was a problem with the paperwork so they sent it in took about two more weeks but the old company was fine with that and they didnt have to make another payment.

  6. Reply
    PLS
    February 8, 2011 at 4:57 pm

    You’re correct – they are just hanging on to your loan so they can make a little more profit off of you. And, unfortunately, there is not a lot you can do about it, short of suing them, which would almost certainly cost you more than just a few day’s extra interest. Also, their TEAM of lawyers could probably delay the issue in court for months, which would hardly be what you wanted.

    However, there IS something you can easily do about this fairly common problem – just go through with your refinancing deal. Lenders do cooperate with each other so they will provide a payoff figure for the old loan to the new lender. Just close, and pay off the old loan. If there is no balance, they can/will hardly be able to charge you interest.

  7. Reply
    gtofinancial.tomvoli
    February 8, 2011 at 5:12 pm

    If you are refinancing your lender will request payoff numbers from the current lender and they will respond. I am unsure why you are making this call. It is not normally initiated by you.

    Here is some additional info. Hope this helps.

  8. Reply
    lediaz87
    February 8, 2011 at 5:14 pm

    Lenders have different time frames to releasing information. Some send out payoff statement within 1-4 hours, some take 24 hours, some 48 hrs, some 72hrs and some lenders might even take 2 weeks. We ask our clients to check on-line when we are having difficulty receiving a payoff. Some lenders make ordering payoffs on-line available, easy and fast.

  9. Reply
    mortgage help
    February 8, 2011 at 6:05 pm

    what do you need them to release? Just fill out a new application with the company you are going to use.

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