Real Estate Law
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Was there a written contract and a mortgage agreement? What is the basis of your belief that the loan is illegal?
See my above questions. Thanks.
Have you spoken to lender about the illegality? What was their response?
Okay. Thanks for the addition information. When a contract is illegal on its face, it certainly can be rescinded. In contract law, the term “rescission” refers to the undoing, or “unmaking” of a contract between parties. Rescission of a contract may be ordered by a court as an equitable remedy in a civil lawsuit, and is intended to bring the parties as close to the same position they were in before they entered into the contract as possible. While there are a number of reasons for which a contract may be cancelled, not all contracts may be rescinded. In addition, if the contract consideration, which is the thing of value given in return for goods or services, fails to become available, is inadequate, or is illegal, the contract may be rescinded. We can discuss more if you want.
You would go to the nearest Nevada District Court and file a complaint. It is not a quick process but you can request along with the complaint a restraining order to prevent the additional 20% and foreclosure, pending the decision.
I think you should try for the extension if you can get it. You have a right to sell your home before foreclosure.
The complaint may not do anything right away. You would have to do an expedited motion to get it before the Judge. It is difficult to do without an attorney. Not sure how the lender would react to the complaint you would file. Best to attempt to get the extension it seems.
I don't believe it would be a notice to rescind. As I mentioned it would be a complaint. Also, the court may have a department that helps with foreclosure situations. Also, attempt to cal this HUD Hotline for residence in Nevada. They may be able to help also: 1 800-995-HOPE