Owner Rescinded the loan

Hi guys,

Here is the deal:

Owner refinanced the home in 2007.

Original loan: $420,000 (2005) Interest only. ARM. How stupid is that?

Refinanced loan : $429,000

Closing costs at escrow: $14,000, cash or check (apparently never disclosed prior to signing) I would think you would remember something like $14k.

Owner signed the docs at closing but sent a rescindication letter (certified) to the lender the next day after realizing he got f**ked.

Lender did not respond within the 20 day period required. Actually they went out of business within that time. Hard to believe, I know.

Owner kept making payments because he had to keep a roof over his families head and could afford it if everything went well.

Owner (obligee?) still has copies of the certified letter and the original receipt of the certified letter dated the next day after escrow signing.

Loan has been transfered 4 times since 2007. Who knows who holds it at this point.



Forward February 2012:

Owner (obligee?) is now 5 months behind on payments because of job loss and medical and is in the process of a loan modification.

The owner (obligee, whatever) is cleaning out his car getting it ready for sell to get some cash when he finds, among other things, a copy of the rescindication letter in the glove compartment, including the certified mail receipt, etc...which he forgot about.

Is this thing toxic or what?


Thanks!



Edited 1 time(s). Last edit at 02/18/2012 06:54PM by droflex.