Specifically, this is a hard money loan my father took on his house, co-owned with my mother. The loan was over $500,000 and was used to pay back a debt on his business. My father used my mother's power of attorney (without her knowledge) and my mother didn't benefit from the loan, nor was it for her business.
My question is if the loan goes into foreclosure, can the High Cost Home Loan Act, or any part of RPAPL, be used as a defense? The loan was for 1 year, with a balloon note and 16 percent interest.