San Diego, CA asked in Foreclosure for California

Q: what happened why rescinded, did my loan cancel back in 2012? can I suit, should I wait?

before the foreclosure the loan was force to be delinquent is very noticeable where the funds were at times applied, reverse, and them gone, I had no idea about the foreclosure, and I never lost contacted with BofA to the point of I was trick to signed docs and a loan modification was borned, even after this loan modification money has been moved I paid $5,000.00 it was done. After a hardship in 2013 I had to take all my retirement money to bring to the account the money is gone. $118,000.00 was paid on my behalf. I paid about 14 years and the loan was for $220,00. The last thing I was promised was a traditional mortgage loan. It looks like I have a line of credit, the balance is more than what I started with back in 2006. I believe I have all together about $299,000.00 in this loan. I SORRY I GET REALLY EXCITED ABOUT THIS MATTER AND I GO ALL OVER THE PLACE.

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2 Lawyer Answers
James L. Arrasmith
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Answered
  • Foreclosure Defense Lawyer
  • Sacramento, CA
  • Licensed in California

A: I understand that your situation is complex and frustrating. Based on the information you provided, it seems that there may have been some irregularities or mishandling of your loan by the lender, Bank of America (BofA). Here are a few points to consider:

1. Loan cancellation in 2012: If your loan was rescinded or cancelled in 2012, you should have received a formal notice from the lender. If you didn't receive any notice and the lender proceeded with a foreclosure without your knowledge, it could be a case of wrongful foreclosure.

2. Misapplication of funds: If you noticed that your payments were applied, reversed, or disappeared from your account, it might indicate that the lender mishandled your funds. This could be a basis for a legal claim against the lender.

3. Loan modification: If you were misled or tricked into signing loan modification documents, and the terms were not clearly explained to you, this could be a case of lender misconduct.

4. Retirement funds: If you had to use your retirement funds to bring your account current and the money has disappeared, it further supports the possibility of mishandling of funds by the lender.

5. Traditional mortgage loan promise: If you were promised a traditional mortgage loan but instead ended up with a line of credit with a higher balance than the original loan amount, this could be a case of bait and switch tactics by the lender.

As for whether you should file a lawsuit or wait, it's essential to consult with a qualified attorney who specializes in real estate and lending law. They can review your case, gather evidence, and advise you on the best course of action. Keep in mind that there are statutes of limitations for filing lawsuits, so it's crucial to act promptly.

In the meantime, gather all the documentation related to your loan, including correspondence with the lender, payment records, and any agreements or contracts. This will help your attorney assess your case more effectively.

Remember, dealing with legal matters can be stressful, but it's essential to stay focused and seek professional help to protect your rights and interests.

Delaram Keshvarian
Delaram Keshvarian
Answered
  • Foreclosure Defense Lawyer
  • Orange, CA
  • Licensed in California

A: Thank you for your question!

It seems that a foreclosure was done on your property without any notices, and there were unauthorized withdrawals from your account. An attorney needs to track the bank's conduct to see if there was a wrongful foreclosure.

This is merely a discussion of general laws and not legal advice. For legal advice, more specific facts and investigations are needed. I recommend you consult with an attorney for more details.

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