Mortgage Forum

Mike

Hi, I posted this in Foreclosure Laws, under an old thread. Now I feel it should be here. Attention: MOE, POPPY, I am wondering, Poppy, do you know anything about Popular Inc./Equity One/ Banco Popular/Popular Servicing Inc? They seem to have similar qualities to Wells Fargo. One department, say legal does one thing, and then it is ignored by someone else. As if they run each department as a separate entity.

I have an ongoing saga with my Predatory Lender, and the plot sickens. My loan with my first mortgage with Popular Inc. or Equity One (they seem to interchange the names), along with the Originator, Joe Israel of Professional Services Mortgage, represented by his sister, Gina Nolte, and Peter Coyle, representing Chicago Title Insurance Co. as closing agent.

The closing date was May 2006. We sent a letter, via attorney, stating TILA, HOPEA, RESPA, violations to rescinded June of 2007. At the same time we sent letter of rescission to Joe Israel for the Professional services Mortgage 2nd mortgage, he holds on our home. Popular was non compliant. As I read the regulation, this is final. They have 20 days to respond, if any dispute or contest.

The loan is rescinded effective mailing date of request. They finally responded in August 07, approximately 10 or 11 weeks later. They said they reviewed my loan and agree to rescind. Well, I suppose that is not necessary, but certainly a good thing. They, according to the attorney would require me to sign a waiver of any right to pursue any further.

That does not even sound legal to me. Why all of a sudden after ignoring my letter are they stating they are agreeable? I smell day old fish. I did not sign any agreement to waive my right. I had not yet seen the documents that had been requested, and suspected there may be an unveiling of more deceit. It turns out I was right. If someone has committed fraud, or other crime they should be outed. If they are doing this to one they may be doing this to many. Now they have not done anything about the record of security. From what I understand they are suppose to remove this, and state so publicly, is this true?

Professional Services was also non compliant as they did not respond until day 25. They are stating this loan was a "business loan", and not for the home, which he knows first hand is not true. He did our taxes, and handled our business records, yet claims to not know what the funds were used for. He was in our home talking to the construction crew. His office was down the street and he drove by often and stopped a few times. See, he was also acting as out business manager, adviser.

I believe this loan is also rescinded as the law states. I am not clear on all of this. Since his reply was at about day 25, counting from the day we wrote letter, ( the official date from what* I* understand.?? ) He is non compliant, but then disputes in his late response. So, do I have to restate? He said at a mediation he did not give personal loans. Hmmm, I know it is a very confusing story.

I am now getting letters of solicitation for foreclosure assistance from attorney,s from all corners of NJ. I called one and he told me he got this info from a company who charges a fee to supply names of people they find by searching the net. (for the 1st, Popular, loan.) They had a number they claimed to be a foreclosure docket number. I have checked my county record, no one has removed these mortgage records, nor is there a record of lien. I am working on gathering the last of my documents, it is a much bigger job than I anticipated.

I will be sending them to you asap. I feel like I need to include notes as this whole ordeal has been so complicated. I spoke to Marshall Rosenbach, he certainly knows his business. Attorneys who are so knowledgeable with this entire subject seem to be few and far between. We need more attorneys to focus on this area of law around the country.

There are other questions I have. If a predatory loan is made and pays off another, predatory loan, does this mean or could this mean, the pay off loan is also rescinded? And, could this mean since the mortgage company, when loan is rescinded, is required, according to Reg. Z, to refund any funds, and fees, etc.disbursed at closing, along with interest paid. This sounds to me it would or could include the paid off funds to the bad loan that they paid off. Since they were either involved directly or indirectly, or at least had knowledge of some iniquity. (my word anyway) *

I don't expect an answer to this, I just put the thought out there, if any one has a theory on this, I am interested. I don't blieve this is an active law or regulation. I simply think it is absolutely a thought to be considered in a situation such as mine.* The other question I am searching out answers to is, can a satisfied loan be rescinded? Some say no, there is nothing to rescind if the mortgage is paid off, but I believe this could be looked at much differently.

And I am reading case that have gone this way. If there *has been *a violation of TILA, even though the loan has been paid off by refinancing, there still is the fact that there was a real agreement, and closing fees, interest etc paid at closing and through out period of loan. This would leave them responsible for refunding what? And where then does this leave the new lender with regard to money the new loan has paid on a loan that has since been rescinded?

They should not pay it off, right? the other team, but team should, pay it back to the next lender and then they pay it back to borrower? Although, if Popular, in my case had looked any further, they would have noticed that Professional


Services, Joe Israel and Company was not quite as forthcoming with his disclosure of the truth. He did not include the subordination letter on a timely basis.

Then he tried to get that portion (sneaky) paid off at the closing, by Popular, and gave different amounts in GFE. I think Popular should have been more diligent.There are so many questions. Another question in theory. Irresponsible lenders, taking advantage of naive and financially unsophisticated borrowers.

I was definitely one of these. I have learned an awful lot about mortgages through this site and the searching and reading I have done since my devastating experience. Not to say I know it all, but more than I did. School of hard knocks, over the head. This experience can crush your spirit. You *can't* let it. Hopefully we can all take a small part in changing things. some such as Moe, and Cat and Poppy taking a larger part, and Thank God for you guys, so we who don't know all the ins and outs, can benefit from your knowledge.