In December 2007 I received my statement from Countrywide Home Loans saying that they paid my property taxes and that my new monthly payment will be $ 1,953.00 plus $ 133.00 x 5 yrs to re pay Countrywide Home Loans for the $ 4,811.00 payment that was sent by Countrywide home loan for my property taxes. I was in shock!

In February, 2009 I called Countrywide now formally Bank Of America Home Loans and I told them that my husband work status changed, he is not working enough hours and that my monthly income was equal or less than my house payment, and that my intensions is to keep my property. I was told that I pre qualified for a Loan Modification and that it might take 60 days.

In April, 2009 I called Bank Of America Home Loans and I asked them about the status of that Modification and I was told that it was not in process, so In May, 2009 I hired an attorney. He review my loan documents and he found errors on my Federal Truth In Lending Disclosure Statement, and that I could sued for Undisclosed Liens Against Property, and that it is a violation to the Truth In Lending Act. Unfortunately, my lawyer do not handled those types of cases.

My question is can I sued the Title Company or Capital One Home Loans for my Note Balance?

Please help me!

Thanks,
Maria Ramos

Helping our kids was one of the reasons we wanted to tap into our home’s equity, so we set about to borrow money from your bank. Oh, don’t worry, I’m not going to name you, if you want to know if your bank is involved just look up Arthur E. and Paula C. Wood vs. your bank. We did, we arranged to borrow $100,000.00 (one hundred thousand dollars) from your bank. The closing was held at our home, on a Saturday, by a title company. I noticed that something had changed, the loan wasn’t exactly as promised and the title company couldn’t answer my questions. On Monday, I rescinded the loan by notifying you by phone and then faxing the rescission notice to your bank. We then called another bank, who gave us the loan on the terms that were promised. Everything was fine except that two weeks later my wife noticed that we had too much money in our checking account. Uh oh, the rescinded loan must have been funded in error.
Easy to fix, just call the bank, send them a check and everything would be fine. I did, I called, “so sorry Mr. Wood, we made a mistake, no, don’t send us a check, please leave the money in your account and we will electronically reverse the transaction.” This was two weeks before Christmas 2005. We are halfway thru 2009, I still have your money, or some of it, having spent thousands on attorneys trying to get you to rescind the loan. I’m sure it was a mistake, and I fully expected you to make it right. I called again a couple of weeks later to tell you the money is still in my account,” sorry Mr. Wood, with Christmas and all someone just dropped the ball, but not to worry, it is still in the works and we are reversing the transaction.” Then you started to call us, trying to collect on a monthly payment, everyday you would call, and everyday I would tell you the loan was rescinded, Please don’t call anymore. Then it got nasty. My new bank called and said that “they were going to have to foreclose on our loan, because they went to record the mortgage and they were not in first place.” You were!

I don’t have any attorney friends having spent most of my life as an investigator, but, my brother a successful businessman in Virginia had several and he put me in touch with one that suggested that we march ourselves into the Circuit Court here in beautiful Marion County, Florida and sue you for rescission under the Truth in Lending Act. (TILA) That set off a chain of events that lead to the rescission. You did release the lien on our home several months into the action, but then your smart attorneys filed a counter suit against us alleging fraud, conversion and a host of made up charges, they then filed a lis pendens and notice of equitable lien on a lawfully rescinded loan and have effectively stolen our equity by preventing us from selling or refinancing our property.

At this point in my letter you’re wondering, O.K. so where’s the beef, this should all work it’s way out in the court and what’s this got to do with American Banker? Well Mr. Bank President, here’s the beef! This $100.000.00 loan is going to cost the bank thousands and thousands of dollars in legal fees because these attorneys have to keep billing, and nobody at the bank is minding the store. Your inability to rescind a loan within the time alloted under the statute has triggered the forfeiture section of the Truth in Lending Act so your bank is now in danger of losing the original funded money and your imposition of an invalid lis pendens is going to cost your bank over a hundred grand in lost equity. Rescission under the TILA takes the loan from secured to unsecured and the imposition of a lis pendens is an attempt to circumvent the statutory requirements of the TILA. I wrote this letter to point out to you that the TILA has been amended to help banks by not holding them accountable for actions caused by a bona fide error, however, an error with respect to legal judgement regarding the banks’ obligation under the TILA is not a bona fide error. This rescinded loan should not have cost anyone a dime! Now you have allowed your attorneys to ruin the lives of a couple of retirees and your bank is going to lose hundreds of thousands of dollars, for what? You just picked on the wrong guy.

some dope said “banks are suffering the most”. WTF?? Well mr. Bank, get in line at the Public Aid Office, and WAIT YOUR TURN. My kids come first, since you took my house 3 years ago, after sucking me into a fraudulent mortgage and stealing any equity for 5 years over! Yeah, when I lost my job, I tried to sell – but guess what mr. Bank, you overappraised my house so you can write a bigger loan than I really wanted, so I couldn’t sell it before I went into default – you had it all planned out Wells Fargo – but guess what, the clock is ticking in your victims’ favor. And my kids are the lawyers that will bring you down here to my level, where I will be more than happy to castrate you if given the chance. When people get a real load on what you’ve been doing, they will take their houses and give you nothing in return. Coming soon: Wells Fargo and MERS – the Great Demise!