Legal Question in Consumer Law in Massachusetts

Predatory lending and misrepresentaion

i recently was given a personal loan by a major bank entity under assurances that the high intrest rate and payment was temporary and that they were going to refinance everything into a mortgage refi. we had to include our new car into the loan as collateral. this company then informed me it could not refi my mtge. as planned and sorry but i was now stuck with an absurd intrest rate and a monthly payment i cannot possibly meet. yes i signed payment contract and because this new loan ruined my credit scores i can't obtain funding to get out of this mess. any advice or legal solutions for me! i realize i was foolish to trust a verbal promise and sign a binding document but i wonder if my mistake has any remedy legal or otherwise. my wife is my only witness to the false promise and my signing over our 26000 dollar car. i know my default consequenses will financially cripple my situation further. i know a fool and his money are soon parted but can you plese advise anyway? thank you


Asked on 12/20/07, 1:13 am

1 Answer from Attorneys
Gregory Lee Gregory P. Lee, Attorney at Law

Re: Predatory lending and misrepresentaion

You have a long way to go to prove that the bank lied to you, and that the written agreement should be overturned. While nothing is legally impossible, you have a tough case, and it might cost more to prosecute than you would get in return.

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Answered on 12/21/07, 6:17 am


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