Legal Question in Consumer Law in Georgia
My husband borrowed 28,000.00 on his home,for rentovations,10 years ago.paid the loan down to less than 26,000.00. a year ago that loan company sold his loan to another lender, at the same time his job feel into cut backs, so he was with less income, and that caused him to get behind on payments. so the new lender took him into a refinance program and that helped with lower payment and interest rate., however they refinanced all the way back to the orignal loan amount of 28,000.00 instead of 26,000.00 plus late payments. CAN THEY DO THAT! And the first lender filed bankruptcy. He says that we will never get it paid back. We are both 50 yrs old. He feels that he has been cheated. How Can we get help? By the time the loan is payed off the dollar amount we"ll be invested will be 65.000.00. Help. Thanks! Cathy.
1 Answer from Attorneys
No one can possibly answer your question without reviewing the loan documents to see what happened. However, the appropriate time to do that would have been before signing the documents. Did he not review the documents and question the amounts??
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