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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 116716
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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My lender being in areas on a loan of $130K for 30 years at

Customer Question

My lender being in areas on a loan of $130K for 30 years at 6^at the 8th year of curing it by paying $780 p.m., after capitalizing a debt of $14000 in areas qualified me after a litigation procedures , accepting my hardship with a new loan for 40 years at the same interest ,imposing on me a new monthly instalment of $1230 this time under a new escro account including taxes and inflated insurance premoum. Mathematics prove that this new was going to cost me double at the end of pf the 40 years . .
My question is , is it a frauduland , a predatory loan and if it is what means i have to react . With a letter of mine I rescindent this refinancing one year later in view of an auction pending on Jan, 10 th.
Submitted: 6 months ago.
Category: Legal
Customer: replied 6 months ago.
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Expert:  Law Educator, Esq. replied 6 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Unfortunately, if they reduced your premium and included arrears and interest/fee in the new loan PLUS extended you out to 40 years, then yes, the cost of this loan in the end is going to be a lot more than had you not been in arrears or made up the arrears and continued paying off the original loan in 30 years. It is not predatory if they are extending the number of years to 40 years which start from when you signed the new loan and incorporated the prior loan, arrears, interest and fees into the new loan I am afraid, since there are more costs associated with giving you the loan extension and incorporating the arrears.
However, there may be other clauses in your new mortgage agreement that may not be appropriate, but that would require a local consumer attorney to do a forensic audit of the mortgage agreement itself to determine if there are other grounds to attack the new loan.
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