How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask MShore Law Your Own Question

MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
17924466
Type Your Business Law Question Here...
MShore Law is online now
A new question is answered every 9 seconds

My attorney has filed a motion to vacate confession of judgement

Customer Question

My attorney has filed a motion to vacate confession of judgement arguing that my loan is a home equity line of credit and should have not been renewed as a business line of credit. If he succeeds Can my attorney file a motion to the judge to rescind my line of credit business loan since the bank violated the state law by forcing me to renew it only as a business line of credit, despite the fact that all the funds were used to payoff my original home equity line of credit from same bank (All funds from original home equity loan where used for living expenses) And what happens if Judge does rescind the loan? I live in illinois.
Submitted: 1 year ago.
Category: Business Law
Expert:  MShore Law replied 1 year ago.
Thank you for the post, I am happy to assist you by answering your questions. Yes, if your attorney succeeds in the vacating of the confessed judgment, your attorney can file a motion to rescind the line of credit on the business loan, but this may not be a desirable course of action. Essentially the court would not allow you to keep the money that you accepted as a loan/line of credit as this would amount to unjust enrichment, particularly if you were aware that you were accepting the funds under the auspices of a business loan and represented that the loan was to be for this purpose, but used the proceeds for personal expenses. Also, legally, it may not be a valid conclusion that the bank forced you to renew it as a business line of credit if the bank gave you the option of paying off the loan before renewing it. Please let me know if this answers your question or if you have any follow up questions.
Customer: replied 1 year ago.

Are you there? I sent two other messages and would like answers please. Also what does it mean to rescind the loan even if that happens, just wondering. Would the bank have to reissue the loan as a home line of credit then recall it?

Expert:  MShore Law replied 1 year ago.
I'm sorry Mohammed, I did not receive your responses. We must be experiencing a technical glitch. Rescind the loan means that the loan is reversed, but I think what you meant to say is what would it be possible to void the loan such that you get to keep the money and not have to repay it. The bank would have to issue the loan as a home line of credit, but not recall it. Please let me know if this does not answer your questions or if you have any follow up questions.
Customer: replied 1 year ago.

I know I can not keep the funds I am hoping this would buy me more time and perhaps reach a settlement where by the bank finally may accept less than what owed and have a brother or a friend payoff the loan.


In two prior messages I explained to you that I did not know that the bank was switching it to a business line and reasons for that are1) I had business accounts at the time and the bank did not want to loose accounts I had with them for 20 years, so they did not ask me to payoff the home equity line2) This way they can insert the confession of judgement which they could not do in a consumer loan.


I repeat ALL of the funds were used when the loan or personal expense


when the line was home equity. I received no funds from the loan after it was switched. All the funds from the business line went back to the bank to pay off my home equity line. I did not see any of that money

Expert:  MShore Law replied 1 year ago.
Thank you Mohammed, it is a possibility that the bank would negotiate a smaller settlement, but this would be based on your ability to pay as determined by your current earnings and assets. Were you required to sign anything as part of the transition/refinance to a business line?
Customer: replied 1 year ago.

No, I was not and that is why my attorney is filing motion to vacate because bank failed to provide needed documents when a. Business line is offered to consumer.

Expert:  MShore Law replied 1 year ago.
Thank you, XXXXX XXXXX the bank could be penalized for fraudulent lending practices, and such penalty include forgiveness of the bank loan. Please let me know if this does not answer your questions or if you have any follow up questions.
Customer: replied 1 year ago.

No Thank you very much

Expert:  MShore Law replied 1 year ago.
I just want to confirm, by "no" you mean that you do not have any follow up questions. Correct?
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
MShore Law and 4 other Business Law Specialists are ready to help you
Customer: replied 1 year ago.

No follow up questions

Expert:  MShore Law replied 1 year ago.
Thank you, have a good day.
Customer: replied 1 year ago.

You too

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Law Pro

    Attorney

    Satisfied Customers:

    1426
    20 years experience in business law - sole proprietor, partnership, and corporations
< Last | Next >
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Attorney

    Satisfied Customers:

    1426
    20 years experience in business law - sole proprietor, partnership, and corporations
  • http://ww2.justanswer.com/uploads/DC/DCraneEsq/2012-8-14_14436_DCrane.64x64.jpg MShore Law's Avatar

    MShore Law

    Attorney

    Satisfied Customers:

    1233
    Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    1162
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    1142
    Run my own successful business/contract law practice.
  • http://ww2.justanswer.com/uploads/ohioatty/2009-1-22_185545_me.jpg J.Hazelbaker's Avatar

    J.Hazelbaker

    Attorney

    Satisfied Customers:

    393
    Experienced and trained in the area of business law.
  • http://ww2.justanswer.com/uploads/scottymacesq/2009-6-10_221523_small.jpg RGMacEsq's Avatar

    RGMacEsq

    Attorney

    Satisfied Customers:

    393
    Licensed Texas General Practice Attorney
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Attorney

    Satisfied Customers:

    301
    13 years practicing attorney, MBA
 
 
 

Related Business Law Questions