Legal Question in Real Estate Law in Michigan

Re: defrauded in Michigan

There are several laws that would apply. A mortgage is a contract and would be governed by contract law. A defense to enforcement of a contract does exist in showing lack of volitional consent. Duress and coercion and fraud in the inducement can be argued to make consent to the bargain ineffective. Furthermore, as a victim of fraud in the inducement, you consent to the bargain with a false impression of the terms or obligations. Such contracts are voidable at the election of the innocent party.

Additionally, Regulation Z is a federal law requiring lenders to disclose information and the Truth-In-Lending Act requires borrowers to be informed about the true amount they will pay for credit.

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