What are my moms options

[Mike]

In July of 2007, my mom who was 85 got a home equity line of credit from Bank of America(BOA). She immediatly took the entire $150,000 and had BOA wire it to Canada. Well we all know it was part of a scam. What amazed me is that thet BOA would give an 85 year old woman a loan of this amount when she only has a monthly income of $2100. The interest alone on the first months payment was $981. I found out that BOA never asked for any income verification. The bank manager said they didn't need to because there was enough equity in the house. Last month my mom had to go into a home and her rent is $2100. I thought that the Truth In Lending Laws required the bank to verify the borrowers ability to make the monthly payments. I also read where the courts have removed the liens on the property and made the loans non secured signature loans when the lender has violated the laws. gadler46