Predatory Lending and Mortgage Loan Practices
PROTECTING YOURSELF AGAINST PREDATORY LENDING AND MORTGAGE LOAN PRACTICES
Both federal and state governments have passed numerous pieces of legislation designed to protect homebuyers from so-called predatory lending entities. Major consumer protection acts include the Real Estate Settlement Procedures Act, the Fair Debt Collections Practice Act, and the Truth in Lending Act. The Obama Administration additionally has pushed through a massive piece of legislation to offer relief for homeowners teetering on the brink of foreclosure.
What are typical practices used by predatory mortgage lenders? Techniques for bilking homeowners abound. Some lenders fail to disclose fees, terms, conditions, and stipulations and later try to enforce these "invisible" clauses. Others prey on consumer fears to get homebuyers to sign off on exorbitant and even extortionist rates and terms. Still others tack on massive fees upfront, which essentially suck away property equity before it can be accrued. Often, predatory lenders will get borrowers to agree to unreasonable or nearly impossible to fulfill timetables for repayment.
Economists and mortgage industry analysts agree that predatory creditors have helped to spur the spectacular collapse of the housing market that has the sent the US economy into its current tailspin. The good news for individual homebuyers is that legal recourse exists. If you have been the victim of a predatory lending, mortgage lender, or agency, you can bring suit and recover damages, including all the payments you have made on your loan thus far and legal costs associated with the suit.
Loan Fraud Auditing is an Auditing company that will scrutinize your loan for TILA, HOEPA and RESPA violations. Then we will pass it on to our attorneys where they will work with you to discuss your options.
For assistance with your situation contact Loan Fraud Auditing at 619-778-1763.
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