Legal Question in Real Estate Law in Illinois

Mortgage

When we refinanced our home in 2007 it was sold four time to four different companies. Plus they told us it was a 30 year fixed, come to find out they lied to us and gave us a 40 year ARM. The company that has it now is a Debt Collector. Back in Novemberof 2008 I submitted paperwork for a loan modification and for 3 1/2 months they gave me the proverbial runaround. Just recently they sent us a letter stating that what we provided them on paper shows that we cannot make the mortgage payment, even though she said our account is up to date and we are never late. What legal action can I take if any to get them to lower the interest rate from 8.75% to something more manageable.


Asked on 3/31/09, 3:10 pm

1 Answer from Attorneys
David Shestokas Shestokas, & Associates

Re: Mortgage

There may be certain violations of specific predatory lending laws associated with your original loan. Especially if the loan was misrepresented to you. These tools can lend themselves to adding leverage to requests for modifications. I suggest you visit the following websites:

http://home-mortgages.suite101.com/article.cfm/mortgage_loan_modification

http://www.shestokas.com/Mortgage_Loan_Modification.html

http://home-mortgages.suite101.com/article.cfm/obama_refinance_loan_modification_programs

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Answered on 3/31/09, 4:53 pm


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