Your adjustable rate mortgage that you signed for a few years ago has just doubled, what do you do? Well one Las Vegas man decided to sue his lender because his mortgage payment doubled when his adjustable rate mortgage adjusted.
The lawsuit claims he was talked into an adjustable rate mortgage that he could not afford and that documents were falsified by those that were involved in the transaction. His attorney is claiming that “they took advantage of his lack of education, training, skill and ability”.
So let me get this straight, you sign for a loan, your payment goes up and then you sue and claim “they took advantage of your lack of education, training, skill and ability?” Now if loan documents were falsified in order for him to get approved then absolutely he was taking advantage of. But if after all facts come out and there is no proof that loan documents were falsified then I just don’t see how he can sue because someone else is more educated than him?