If you are the victim of an unconscionably fraudulent loan, then you might want to understand the details of the harm.
Have you ever heard of the principle known as “unconscionability.” This principle presents the terms and formation of your mortgage and the surrounding conditions are so inequitable and unfair that it “shocks the conscience of the judge.”
What is meant by that statement is simply this. The mortgage loan was totally weighed against you, the homeowner.
For example, suppose you initially signed a loan but you could not understand or read English, however you understood that you could afford the loan payments. Nevertheless, the terms of the loan states that the payments are only good for 2 years. After the 2 year period, your loan would escalate to an interest rate far too expensive for you to make payments based on the initial qualifications of your loan. So, if you started with a loan payment of $800 for 2 years and after the 2 year period your loan payments jump to $2,200 per month that is unreasonable…especially when your income is only $2,500.
Obviously, the entire transaction was formed and set up to steal your equity and foreclose upon your home when you could no longer make mortgage payments. Are You a Victim of Mortgage Fraud?
When a mortgage loan contract becomes oppressive and unfair to one party, the court may decide to deem this as unconscionability and deny the enforcement of a foreclosure proceeding.
In most cases the courts will enforce relinquishment and declare that the contract is null and void due to unequal bargaining positions of the parties. One party has been misguided, taken advantage of,and unconscionably deceived.
Anytime a lender/bank abuse borrowers based on physical illness, ignorance, incapable of reading, inability to comprehend English, minor, duress, and declared mentally ill, then a homeowner will have sound grounds for filing a lawsuit against their lender.
If this has happened to you, you may need to contact a foreclosure defense attorney that can assist you with a foreclosure. If you cannot afford a foreclosure defense attorney and prefer filing a lawsuit “in pro per” or “pro se,” then be sure to click on either link: Foreclosure Defense Attorneys and How to Win a Mortgage Lawsuit without an Attorney
Have you been victimized by the principle of unconscionability? Please share.