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Posted by Darryl-CA on November 18, 2003 at 11:42:34:
In Reply to: Re: Wrongful Foreclosure due to Predatory Lender Service posted by Holly A on November 18, 2003 at 08:32:28:
Hello Holly A.First of all I am not an attorney and I am not giving you any legal advice.Under U.S. Bankruptcy Code Title 11,Chapter 5,Subchapter 3, Section 548(a)(1)(B)- The trustee may avoid any transfer of an interest of the debtor in property, or any obligation incurred by the debtor, that was made or incurred on or within one year before the date of the filing of the petition, if the debtor voluntarily or involuntarily -received less than a reasonably equivalent value in exchange for such transfer or obligation; and was insolvent on the date that such transfer was made or such obligation was incurred, or became insolvent as a result of such transfer or obligation.What this means is, if you file chapter 13 bankruptcy, the court trustee can remove the predatory lenders' deed of trust from your property thereby making him an unsecured creditor.With no security he can not foreclose. If he has already foreclosed, the sale can be reversed up to one year after the sale. Again this is only if he actually took advantage of you(i.e. loaned you money while you were insolvent).Need more info? Call me @ 562-500-0732
:hello i have been looking on line for a way to solv my problem , i found my self in forcloser just this month because of a loan i had to take , and the lender took advantage of my situation, he lend me $19.000.00 and is charging me $32.000.00 in a month after i got the loan , is there anything i can do to fight him , or am i just damed , please help
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