Legal Question in Credit and Debt Law in California
Loan disclosure inaccuracies
I recently found out that my home $280K home purchase loan is actually an adjustable rate. In 2005, my mortgage broker told me that loan was an ''interest only'' at 6% for first 2 yrs., followed by 28 yrs of P&I at a fixed 6%. The '' Truth in Lending'' statements reflected those terms.
Now I find out that the Note that I signed is 2 year ARM, adjustable up to 12%. At year point in 9/07, interest will go to 9%, adjusted annually to 12% cap at year 5.
Do I have recourse against mortgage broker for inaccurate TIL disclosure? Does I have a potential claims under the ''predatory lending'' laws of CA. Any other suggestions would be appreciated.
1 Answer from Attorneys
Re: Loan disclosure inaccuracies
Are you sure it was not disclosed? Check your documents carefully. If it was disclosed, you have no case. If they really did not disclose any where, you may have a case.
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