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Zachary
Zachary, Attorney
Category: Legal
Satisfied Customers: 3820
Experience:  Lead trial/International commercial attorney licensed 11 yrs
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I GOT A LOAN IN 2011. tHE LOAN WAS FOR 273,000.00. tHE INTEREST

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I GOT A LOAN IN 2011. tHE LOAN WAS FOR 273,000.00. tHE INTEREST RATE IS 16%' I HAVE BEEN FIGHTING THIS LOAN SITUATION SINCE THEN. AT THIS TIME I HAVE LEARNED ENOUGH INFORMATION TO KNOW I WAS TOTALLY SCAMMED. I HAVE BEEN TOLD BY MANY YOU CAN'T FIGHT OR WIN AGAINST THESE PEOPLE(THE LOAN COMPANY),
#1 THEY SENT ME MY APPLICATION....... I NEVER FILLED OUT AN APPLICATION... THE ONE I HAVE IS NOT IN MY WRITTING AND THE INFORMATION IS FALSE. #2. I REQUESTED ANYTHING WITH MY SIGNATURE ON IT AND THE PAPERS I GOT BACK THAT ALLEGEDLY WERE SIGNED BY ME WERE NOT MY SIGNATURE. aT THIS POINT I FINALLY DECIDED TO SELL MY HOME TO PAY OFF THE LOAN, WHEN THEY SENT THEIR FIGURES TO THE ESCROW COMPANY, THE LOAN FOR 273,000 BECAME 293,970.09, THEY ARE HAVE A PER DIEM OF $130.67, INTEREST ON A DEFAULTED LOAN, WHICH DOES NOT ADD UP. IS THERE ANY WAY THIS CAN BE DEALT WITH . I AM THINKING OF CANCELLING THE SALE OF THIS HOUSE AND SITTING IN IT LETTING THEM FORCLOSE AGAIN, TAKE IT TO AUCTION, WHATEVER THEY DO. I HAVE BEEN READING THE FEDERAL TRADE COMISSION ARTICLES ON PREDITORY LENDING THE LOAN COMPANY IS TOTALLY PEGGED IN EVERYONE OF THE CONDITIONS THAT MEET THE DEFINITION OF PREDITORY LENDER. I NEED HELP IN MAKING A DECISION, I REALLY DO NOT WANT TO GIVE UP.
Submitted: 1 year ago.
Category: Legal
Expert:  Zachary replied 1 year ago.
Hi,

Thanks for your question.

When you got the loan, how did you actually apply for it?

What did you do with the proceeds of the loan?

I look forward to hearing back from you.

-ZDN
Customer: replied 1 year ago.


I applied through a loan broker, who got paid $8,190.44 same as the origination fee on the loan. the proceeds went to pay another loan the same broker got for me.. apparently he applied for me.

Expert:  Zachary replied 1 year ago.
Thank you for your response.

The long and short of it is that you will have to repay the loan, but only on the terms to which you first agreed with the loan broker. You can assert as damages in a lawsuit the cost of the additional terms to which you did not agree. You may be able to get additional relief in the form of attorneys fees awards and penalty awards.

In order to do this, you are basically going to sue both the loan company and the loan broker for fraud and deceptive trade practices. You will need to contact a predatory lending attorney in your local area. The best way of finding one is simply googling "predatory lending attorney" and your city, as all attorneys who do this sort of practice advertise on line.

Please let me know if you have any further questions. Please also kindly consider rating my answer positively so that I am compensated by the website for my work on your question. Rating does not cause an additional charge and will not prevent us from further discussing your questions.

Best Regards,
ZDN
Zachary, Attorney
Category: Legal
Satisfied Customers: 3820
Experience: Lead trial/International commercial attorney licensed 11 yrs
Zachary and 16 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

so what you are saying is I have to pay this loan plus $58,000.00 in interest and then go after them.

Expert:  Zachary replied 1 year ago.
No.

You don't have to pay the interest because you don't rightly owe the interest. You can assert the interest that is not what you agreed to in the first place is not owed. Sure you will owe some interest, but only at a rate which is not predatory.

So, in other words, you pay back the main part of the loan and fight over the interest while in litigation. But to do this correct, you need to contact an attorney ASAP and get a case filed against the lenders and the broker.

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