Recently filed bankruptcy. Lender says term is up. Predatory lender short term and balloon. only interest need advice

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Sign a five year note in 2011 and it is not recorded. Their attorney says term is up and wants a lot of money. We are going nowhere with this loan We built a pole barn that was converted to a off grade house. It is not complete. What can we do I look on the predatory lender website and answered yes to most of the questions. Our bankruptcy attorney has not been able to get a copy of the last loan we signed We did not get a copy.

Answers (1)

 

Timothy Kingcade

Answered On Apr 1, 2013
Predatory lending is very difficult to prove and, even if proved, the lender still recovers the principal. Note that high interest and balloon term don’t mean that there is a claim for predatory lending.