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I have a private mortgage with predatory loan term under 5

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years with balloon payment. My...
I have a private mortgage with predatory loan term under 5 years with balloon payment. My private lender's not willing to extend the 3 year to the legal 5 year. I would like to rescind the loan and pay outstanding principle minus the interest paid over the illegal loan term. Is this possible? If so when and where can I file the notice to resind? My property is in Las Vegas Nevada, Many thanks
Submitted: 1 year ago.Category: Real Estate Law
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8/23/2016
Real Estate Lawyer: Damien Bosco, Attorney replied 1 year ago
Damien Bosco
Damien Bosco, Attorney
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Hello. My name is***** am an attorney. I am here to help you with your question. I may take a moment to research or clarify issues. Okay?

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Real Estate Lawyer: Damien Bosco, Attorney replied 1 year ago

Was there a written contract and a mortgage agreement? What is the basis of your belief that the loan is illegal?

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Customer reply replied 1 year ago
Sure thanks so much
Real Estate Lawyer: Damien Bosco, Attorney replied 1 year ago

See my above questions. Thanks.

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Customer reply replied 1 year ago
The title for the house is in my name. There's a note and deed of trust owned by the private seller finance. It was while I was attempting to refinance that I found the loan term to be illegal violation of 12 car 1026.43
Customer reply replied 1 year ago
CFR*
Real Estate Lawyer: Damien Bosco, Attorney replied 1 year ago

Have you spoken to lender about the illegality? What was their response?

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Customer reply replied 1 year ago
originally he said that he would extend if it was proved to be illegal but now he refuses to respond as he thinks he can bank the lot. Last time we spoke he said "take me to court...I was told you'd lose" He actually said "loose" not lose
Customer reply replied 1 year ago
My mortgage expires Sept 1st. I have a hard money lender ready to buy but I want to rescind the loan so I can get the interest refunded
Real Estate Lawyer: Damien Bosco, Attorney replied 1 year ago

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.

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Customer reply replied 1 year ago
how and where can I file to rescind. I only have 1 week until he hits me with an additional 20% and foreclosure
Real Estate Lawyer: Damien Bosco, Attorney replied 1 year ago

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.

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Customer reply replied 1 year ago
What if it gets denied do I still have the right to sell before forclosure?
Customer reply replied 1 year ago
Or they might give me an extension to allow time to refi or sell?
Real Estate Lawyer: Damien Bosco, Attorney replied 1 year ago

I think you should try for the extension if you can get it. You have a right to sell your home before foreclosure.

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Customer reply replied 1 year ago
If I file the complaint you think he's likely to agree to the extension or the judge can decide?
Real Estate Lawyer: Damien Bosco, Attorney replied 1 year ago

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.

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Customer reply replied 1 year ago
He won't agree to an extension that's why I want to rescind. I can file a notice to rescind at the court house?
Real Estate Lawyer: Damien Bosco, Attorney replied 1 year ago

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

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