Predatory Lending Lawsuits
When Can You file a Predatory Lending Lawsuit?
Our loan was refinanced in 8/2000 so are we past the time allowed in which we could file a claim for predatory lending practices?
Even though we have proof that fraud was committed; copies of the uniform residential loan application, taken over the phone 7/11/2000 which was the 1st communication, proves that a preliminary title report 7/05/2000 could not have happened, also our signatures on deed of trust were never witnessed by a notary public but a copy provided to us 4 months ago now shows they were.
We are aware that many of the papers of our loan transaction were given to us by mistake.
Between 11/2001 and 2/24/2006, $18,084.66 has been paid and none of it applied to principal/interest owed and from 11/2001-10/2002 we received no monthly statements or letters and during this time $17,601.51 was paid.
Patricia
A mortgage or loan is a contract. In most states the statute of limitations on contracts is between 4 and 6 years.
It certainly appears that you might have a cause of action. Both state and federal laws come into play here.
In your case, there seems to be a continuing fraud. In that circumstance the statute of limitations could start running on the date you discovered the fraud, but might run only for a year or two after that.
Do not waste any time. Call you local bar association's Lawyer Referral Service and ask for the names of lawyers who specialize in consumer fraud or predatory lending practice cases.
You should be entitled to a free consultation. Get an appointment as soon as you can. The lawyer will be able to determine if the statute of limitations has run or not and whether there might be a way around it if it has.
You might have until August 2006 to file. But the date could be sooner or later. So time is of the essence.
You might also want to file complaints with your state's attorney general and the FTC. They might do some investigating for you that will be useful at your civil trial, if your matter goes that far.
