Woman Files Contract Dispute Complaint Against Financial Lenders

On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Contract Disputes on Friday, April 21, 2017.

Many people in California know what it's like to dream of owning their own homes. Typically, it take years of monthly payments to accomplish such goals. It's natural for a homeowner to celebrate the day the final payment is made. A woman in another state thinks she has arrived at that day already, but her lender says otherwise. In fact, this contract dispute has now resulted in litigation, with the woman alleging that she is the victim of predatory lending practices.

The woman claims that she signed a mortgage note in 1995 whereby she agreed to make equal payments over a 20-year term. She asserts those payments totaled almost $80,000, and wonders why, even though she'd been faithful in her monthly payments, she still owes so much against the loan. Indeed, she asserts that she has paid about $90,000 even though the original contract specified payments would total just under $80,000. Moreover, the mortgage lender from whom she secured the loan apparently claims she has not satisfied the terms of the loan and still owes in excess of $5,000.

The woman has since filed a lawsuit against the lending company; in fact, two defendants are named. She reportedly produced the disclosure agreement that specifies the terms of the original loan -- terms she says she has clearly already satisfied. She is seeking a trial by jury, and requests compensation for actual and punitive damages, as well as court fees and various other financial losses.

This type of litigation often takes some time before the court hands down a ruling. California homeowners currently facing similar contract problems with loan companies or any other types of businesses may be able to expedite the litigation process by getting help from experienced business and commercial law attorneys. This is often the surest way of achieving a favorable outcome.

Source: wvrecord.com, "Property owner accuses financial lenders of breach of contract", Noddy A. Fernandez, April 13, 2017

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