VEry Interesting article.
Big Banking tried to pull a fast one and got caught. THIS IS A PRIME EXAMPLE of why youALWAYSread all of the closing documents.
Client applied for a loan with a 3-4% interest rate. Day of closing, the final paperwork read 8,5% interest rate. She called them on it, and they said "Oh, the new paperwork is on the way, but go ahead and sign so the funds can be sent out to you . We''ll give you one additional day to cancel also, if you need to." So she signed MOST of the paperwork.
Days go by, no contact from the bank. She filed the notice to cancel. Bank sent out some of the money on her new load to her (requested) creditors, and some checks to her. She never co signed any, or cashed/deposited any.
Upon failure to pay any portion of the new loan, the bank filed foreclosure.
The court found that she acted with all due reasonableness and the bank forfeited their loan and any money's associated with it.
GOOD NEWS; There is at least one real, reasonable judge in existence in the Central Florida area.