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  1. #3

    Default Re: When Can You Sue for Predatory Lending

    I'm not going to make any excuses here.
    I took out the loan 8 months after my mom died, 16 months after my dad died. They were my best friends, We had an awesome and loving relationship.
    My husband and I owned a home that was in a first time buyers program through the City of Fremont. That home was in default and the city was freaking out that their interest in the property would be lost if it foreclosed.
    The person in charge of the redevelopment agency referred us to talk to someone, who set up all the details to take a loan out on the house that I had inherited to pay off the house that we were in default with so the city would not lose their interest.
    What was on my mind at the time is I didn't want to lose anything else in my life, or move into the house right at that time. I was not doing very well or in a very good state of mind, In fact, I was a walking train wreck. I wanted to only take out a smaller loan to help tide us through the rough times. I was told I could not take a smaller home equity loan....
    Yes I signed the docs. Was I taken advantage of? That's the question I ask myself. I beat myself up all the time over this decision.
    My specialty is design not finances.
    Yes I guess I should have said NO NO NO and let the city lose their property. Or let them sell it or whatever they were going to do.

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