Legal Question in Banking Law in California
If I have a stated income loan on my home, and it seems as though the mortgage company did not sufficiently verify my income, were they in violation of the law? Do I have any legal recourse?
Asked on 2/22/10, 7:18 pm
1 Answer from Attorneys
They may or may not be in violation of predatory lending laws, but not based on what you have said. The whole point of stated income loans was that the income was not verified. The equity in the property was supposed to be sufficient to assure repayment.
Answered on 2/27/10, 11:03 pm
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