Legal Question in Real Estate Law in California
Mortgage Problem
I sent my payments on time for two different loans with the same lender. Although, when they received my two payments they mistakenly processed the two payments for only one of the loans. Eventhough, i wrote seperate checks with different loan numbers. When I tried to refinance my home I was unable to do so since my credit was damage due to the lenders mistake. Try speaking to the lender and showed proof of their mistake. Gave me the run around know my home is in foreclosure. Can I take any legal action against the lender.
1 Answer from Attorneys
Re: Mortgage Problem
Probably not with any hope of success. How long ago did this happen, anyway? Presumably you get mothly statements and could have reversed the lender's error by yourself by double-paying one and not paying the other the following month.
If you are in foreclosure, you probably have deeper problems with the lender.
You can get out of foreclosure and reinstate whichever loan is in default by paying the amount now in arrears, plus late payment penalties.
Also, did you try to repair the credit damage by working with the rating agencies? They are well set up to handle issues of this sort. Again, I think for you to have sustained significant credit damage, you must have a lot more credit issues that would usually flow from double-paying one loan and not paying a second.
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