Sep
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where do I get help or information from a lawyer on mortgage fraud or lending practices in Los Angeles CA?
By adminMy grandfather had his home paid off and was “talked” into getting money out of his home in a re-fi. He did this about 2 years ago and got more money out like a year ago. He was given an option payment with an adjustable rate. No one else in the family (his children) were not asked or notified about this. My question is does he have a case. He will be losing his house probably in 6 – 8 months. He is an 85 year old man and he lives on Social Security less than $2000 a month. Any help and/or information to get help would be great.
Any lawyers out there will to help out email me joe@southbayideas.com
Thanks
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1 Comments
November 2nd, 2009 at 6:36 am
Well, if your Grandfather was the only one on the deed the loan officer who did what they did, did not have to tell the family. Your grandfather signed the loan documents agreeing to the loan. The good news, most likely the loan officer LIED on the loan documents about your grandfathers income, but again, most DA’s will not go after the loan officer unless they can prove at least 3 cases or complaints against the loan officer. Most likely the scum of the earth who did this to your grandfather is/was probably not licensed with the department of real estate. You can check that by googling California Department of Real estate, once on the website, there is a small yellow box, click on it, then last name first and search, then, if they are licensed place a complaint with them. Most likely the person is not in the business anymore! What you can do, if there is any equity left is a reverse mortgage, get some money for your grandfather and on a reverse mortgage there is no payment. Many people are against reverse mortgages because they do not know how they work, this could save your grandfather’s home if there is equity, and the property will make payment to him! When he passes the heirs still get the remainder of the equity, it does not go to the BANK! You can e-mail me with further questions if you would like.