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Ratings. Guidance. The Right Lawyer.
Can a fraud claim be based on original loan after lender has made modification?
Cincinnati, OH
Viewed 28 times.
Posted 3 months ago in Foreclosure
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My original loan was full of mistakes. Seller pressured appraiser to up the value. The contract I signed at closing was not the same one I reviewed the day prior. The GFE and everything up to signing were acceptable, yet the final contract had me paying an 8.75% IR for lender paid mortgage insurance AND regular PMI on top. This caused about $400/mo additional payment. Countrywide said I was at fault for not reviewing final contract carefully. We had emails & prior documents that the loan was to be 8.75% w/lender paid MI - it did not include borrower paid MI. We got really behind, but had the loan modified to a 6% 40 year loan. We never got caught up after the modification due to my spouse and I being laid off. We are now in foreclosure. Can its validity be fought based on first mortgage?
Answers (1)
Alan James Brinkmeier
This attorney is licensed in Illinois.
Posted 3 months ago.
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Fraud is actionable if certain elements of proof are established by the evidence. Using the written documentation you have is a good place to begin. Contact a local lawyer - many may give you a free consultation for an hour - to discuss your specifics. Discuss the matter with your attorney under the protections of attorney client privilege before you do anything else. Far too many variables exist in the short post you wrote for any further observation by me.
Good luck to you. NOTE: This answer is made available by the lawyer for educational purposes only. By using or participating in this site you understand that there is no attorney client privilege between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed professional attorney with whom you have established an attorney client relationship and all the privileges that relationship provides. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question |
