Predatory mortgage lending practices strip borrowers of home equity and threaten families with foreclosure, destabilizing the very communities that are beginning to enjoy the fruits of our nation's economic success.
In order to address predatory lending practices the federal, state and local cities have past new predatory lending laws.
Signs to look for:
- Excessive Fees
- Abusive Prepayment Penalties
- Kickbacks to Brokers (Yield Spread Premiums)
- Loan Flipping
- Unnecessary Products
- Mandatory Arbitration
- Steering & Targeting
Questions to aks yourself
- How did you find your lender or mortgage company?
- Through an advertisement?
- By mail, telephone?
- Door to door solicitation?
- Word of mouth?
- Did you get what you were promised?
- Was the value of your home inflated?
- Was your income inflated so you could qualify for the loan?
- When you got the loan were the terms different form what you were told?
These are just a few of the questions that will help tell us if you are a victim of predatory lending.
ARE YOU A VICTIM?
