HOEPADELE

I have seen your site and I know that you mostly deal with debtors and consumers.

I am a “lender”–that is, I pooled my money with my husband and another couple to a hard money loan company and our money was loaned to someone at a high interest rate for a second mortgage.

Now, the property owner is stating that the loan is illegal and wants to rescind. They indicated that the loan has many violations and that we (meaning my husband and I) are liable for this even though we are not brokers. Could this be true?

We’re not sure if we can trust the servicer since they are also implicated and we could possibly have a cause of action against them as they should have shielded us or at least checked everything before we lent them money. Do we have any legal recourse with the servicer who solicited us?

I understand that you are a consumer site, but I was wondering what your opinion might be on the matter.

Adele