Legal Question in Real Estate Law in California

Re: Loan closed after I cancelled, loan fraud?

Essentially, you are asking if you can undo the transaction. Generally speaking, fraud might permit you to seek rescission of the transaction. You don't indicate if you are living in the house. If you are, then undoing the deal is not as simple as it sounds. Moreover, the facts as you have relayed them make it appear that you have not paid on the loans in a year. Is this true? Neither lender has complained? What about insurance? At a minimum, a liability policy must be in place. What about property taxes? Are they being paid?

Lots of serious questions to consider. And time is ticking. There are statutes of limitation applicable to all potential causes of action you may have against the parties involved. You have already waited a year, and one of the defenses to a lawsuit for rescission is that the party seeking rescission has waited an unreasonable length of time. If you want to move to undo the transaction, you need to get to an attorney familiar with real estate litigation.

We are litigators whose practice emphasizes litigation of real estate related issues, including fraudulent transactions and unfair business practice claims. If/when you are prepared to proceed, please feel free to call or email. We do not charge for initial consultations. Good luck.

***No Legal Services or Attorney Client Relationship - Although this email may provide information concerning potential legal issues, it is not a substitute for legal advice from qualified counsel. You should not and are not authorized to rely on this email as a source of legal advice. Until a formal Retainer Agreement is executed, any communication between you and The Guerrini Law Firm cannot create any attorney-client relationship between you and The Guerrini Law Firm.***

Re: Loan closed after I cancelled, loan fraud?

I don't understand what you are after; the loan was canceled, right? And you have not been paying on it since May of 2005, right? You can't go without paying on SOME loan, either the original one or the one you canceled, and you should have been saving what would have been your loan payment so that when this gets sorted out by the lender, you will be able to stave off foreclosure.