Legal Question in Real Estate Law in Utah

I've been approached by a paralegal saying that I can get a home mortgage rescission because the original documents don't exist and the actual lenders are not identified on my home mortgage because its been sold to "investors" through one of the major lending institutions. I've been told that the mortgage institution usually settles for 50-cents-on-the-dollar to avoid court.
It sounds fishy to me, too good to be true or an outright scam.
The upfront attorney retainer is $6500. The attorney also take 20% of the reduction of your mortgage if there is any. They also said my only jeopardy is the retainer and that the loan company would refinance my loan or I could search elsewhere. What are the pitfalls if I consider a rescission filing like this. The attorney has examined my papers and says I have a case, but then don't they always. I am not behind on my mortgage I'm not underwater on the property and have an excellent credit rating.

Asked on 3/04/10, 3:42 pm

Alvin Lundgren Alvin R. Lundgren, L.C.

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0 attorneys agreed

Take your documents to another attorney who has experience in mortgage financing to get a second opinion.

Answered on 3/10/10, 6:57 am

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