Did you sign mortgage papers on what you suspect to be a toxic loan? In other words, bad for your bottom-line! Well the law states that you have three days to cancel a mortgage after signing the papers. If you signed a mortgage and the papers had certain problems you may be able to cancel the mortgage even after three years.
Problems that might justify the cancellation of a mortgage include:
- An incorrectly calculated APR on the mortgage papers
- The absence of a Truth in Lending Disclosure
- The absence of the word "monthly" in the payment schedule of the mortgage
- The absence of the notice informing the borrower of his/her right to cancel the mortgage within 3 days
- If the company convinced you to sign the mortgage papers using unfair or deceptive tactics
Speak with a bankruptcy attorney to find out if your mortgage might be eligible for cancellation.