Question: Our appraiser miscalculated our home square footage, which thus got us approved for a loan we shouldn’t have been approved for. We ended up going into Foreclosure. Do I take legal action against the Appraiser or Lender? Would a Real Estate Attorney be able to help?
Response: Predatory lending is a term used to describe
unfair, deceptive, or fraudulent practices of some lenders during the loan
origination process. Typically, predatory lending occurs on loans backed
by some kind of collateral, such as a car or house, so that if the borrower
defaults on the loan, the lender can repossess or foreclose and profit by
selling the repossessed or foreclosed property. Unethical lenders may be
accused of tricking a borrower into believing that an interest rate is lower
than it actually is, or that the borrower's ability to pay is greater than it
actually is. The lender, or others as agents of the lender, may well profit
from repossession or foreclosure upon the collateral.
believe you have been the victim of predatory lending, federal agencies such as
the U.S. Department of Housing and Urban Development
may be able to help.
In addition, please consult with a Real Estate Lawyer to determine the best course of action.
Response by Jason Tong
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