Legal Question in Real Estate Law in California
''Truth in Lending'' Error
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: ''Truth in Lending'' Error
If the facts are as you say they are, you surely have a claim! Hopefully you can build a case against the bank and not just the broker (who may be long gone and/or broke by now).
Gather all you documents. I would be glad to look them over. Feel free to contact me directly.
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