Thread: Do I have a foreclosure defense?

I have a motion court date on 1/15. I am pro se. I refinanced with Countrywide 8/2006. Loan amount 600k int-only, piggyback arm/heloc. Lender appraised property at 660k, we took loan to fund emergency medical issue and resulting convalescence. Approx 6 months later, before the collapse, went to sell house (which was always the intention). Several realtors said house was never worth that much, would sell for 500k max. Contacted Countrywide, asked for principle reduction due to inflated appraisal. Of course, no luck. Stop paying 11/2007 within 3 year right to recision. Tried over and over to get lender to loan mod. Now, TWENTY FIVE MONTHS LATER, finally have loan mod....but only for one loan. Put in foreclosure, received note, but has "America's Whole Sale Lender" - not Countrywide, Mers, or any other institution foreclosing. (Countrywide dba as AWL). Note is not an authorized copy, nor an original. (Does this matter?) Further, when loan was taken, I was unemployed and husband was disabled. We had NO assets anymore, due to injury.

LENDER DID NO DUE DILIGENCE TO SEE IF WE COULD AFFORD LOAN.
AMERICA'S WHOLESALE LENDER: Could this be a loophole?
Heloc is listed as the primary loan, secured by a junior loan? Isn't a Heloc a junior loan?

Now we owe 700k and house is valued at 325k post collapse.

I want a motion to dismiss based on predatory lending. Is this possible? Otherwise, I will take my lumps and walk away to get out of an impossible loan for us to satisfy.

Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. The lender may then declare the entire debt due and owing and may seek to satisfy it by foreclosing.