AARP (and related discussions on Swiss Franc loans) (II)
in Banking, Insurance & Loans ·
nimblelynx63 said:We'll just have to wait and see.
If the initial loan is totally void because of these factors, then everything stemming from it is void too. If it’s null and void, the parties are supposed to return the original assets to one another...
In that scenario, I—for instance—would have already paid back the entire amount to the bank before the conversion even happened, and now I'm paying off a second loan used to close out the converted one... basically, I'd be paying back way more than what should be required if the loan were actually void.
Now, what our legal experts with actual proven expertise will come up with? That remains to be seen...
I'm actually in the exact same boat. About 13 years ago, I took out a loan in dollars for the same amount I needed to pay off the converted credit, which means when you factor in everything I've paid over these last 13 years, I've basically handed them the whole thing right from the start.
What I'm really wondering about is whether anyone is actually working on the math to figure out if filing a lawsuit is even worth the trouble. I also completely agree that joining a class-action suit with someone else who took out a mortgage back in 2005 at Bank of America would probably be the smartest move, assuming the conditions were the same.