Do you feel that you have been taken advantage of by a mortgage lender involved in a predatory lending practice? Have you been pressured into accepting mortgage terms, or for that matter, have you been cornered into applying for a mortgage against your best interest or wishes? If you answered yes to any of the above questions then you are a victim of predatory lending.
Immediately contact a Real Estate Lawyer if you suspect being a victim of any predatory lending practice. Predatory lending practice is illegal, contact a Real Estate Lawyer now, to find out what your rights are.
A Predatory Lending Practice is any unfair and abusive practice whereby a mortgage broker or a mortgage lender uses any type of information about the borrower, to the borrower's disadvantage, and then proceeds to convince the borrower to accept loan programs and or loan terms that were not in the best interest of the borrower. This practice also includes imposing higher interest rates, cost and fees, along with pre-payment penalties when more favorable terms could have been offered.
In response to the escalating trend in foreclosures Shelia Blair, Chairman of the Federal Deposit Insurance Corporation, recently expressed to the House of Representatives, "The time has come for national anti-predatory lending standards applicable to all mortgage lenders". Furthermore, Blair indicated that regulations be imposed upon lenders to determine a borrower's ability to repay a loan at its true cost, rather than on artificially low rates offered through aggressive advertising campaigns. Other areas needing immediate improvement include, Loan Flipping, Pre-Payment Penalties, Escrow of Taxes, and Fiduciary Obligations of Mortgage Originators.
Common Predatory Lending Practice Violations:
The House of Representatives Financial Services Committee is facing estimates that 2.2 million homeowners are currently at risk of losing their homes. The subcommittee reviewed "predatory lenders" that gave loans to people who were either unaware or unable to repay the loans. The common concern is that this may be the most devastating real estate disaster since the Great Depression. Lenders are not allowed to take advantage of a homeowner's circumstances to make excessive profits on a loan application. The law also precludes lenders from exploiting to their own advantage, the consumer's lack of knowledge on various mortgage programs, offerings and qualifying guidelines. You do not have to settle for less than what you are entitled to. Do not allow any lender to take advantage of you or your situation.
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Immediately contact a Real Estate Lawyer if you suspect being a victim of any predatory lending practice. Predatory lending practice is illegal, contact a Real Estate Lawyer now, to find out what your rights are.
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