N
neverwilllearn
Guest
I have been writing Bank One for some time that I thought the loan they issued to me in Oct 2000 was of the predatory type in that, unknown to me at the time, my debt to income ratio was over 200%. An attorney told me it would be hard to prove because they may not have had all info. on the credit report. ok.
I also suggested to them that I felt that they overvalued my house. I bought my house 1997 for $85,000. On my 1st equity loan with them they listed the market value in 1999 at $115,000. So when they listed the 2000 valuation at $117,000 I didn't question it, they are the presumed financial "experts". I didn't question it until my neighbors sold their larger house for a lot less and my county appraisal came in at $95,000.
Well, here is the biggy!! I finally, after 3 requests to provide details of how they came up with the $115k and $117k amounts, got a copy of the appraisal that they used to fund the 2000 loan. The market value is stated at ONLY $103,000!!! They still have not sent info on the 1999 loan. With my 1st mortgage being $81,500 and the 2nd being appx. $11,500. The issuance of this loan using the $103,000 amount and surely the 1999 loan is against Texas law that a home equity loan plus the 1st cannot exceed 80% of the market value.
Help! With no $$ to do much of anything, what do I do. Do lawyers ever take these kind of cases on contingency???
I also suggested to them that I felt that they overvalued my house. I bought my house 1997 for $85,000. On my 1st equity loan with them they listed the market value in 1999 at $115,000. So when they listed the 2000 valuation at $117,000 I didn't question it, they are the presumed financial "experts". I didn't question it until my neighbors sold their larger house for a lot less and my county appraisal came in at $95,000.
Well, here is the biggy!! I finally, after 3 requests to provide details of how they came up with the $115k and $117k amounts, got a copy of the appraisal that they used to fund the 2000 loan. The market value is stated at ONLY $103,000!!! They still have not sent info on the 1999 loan. With my 1st mortgage being $81,500 and the 2nd being appx. $11,500. The issuance of this loan using the $103,000 amount and surely the 1999 loan is against Texas law that a home equity loan plus the 1st cannot exceed 80% of the market value.
Help! With no $$ to do much of anything, what do I do. Do lawyers ever take these kind of cases on contingency???