Did A Mortgage Lender Take Advantage Of You?
Predatory lending occurs when mortgage companies, brokers, real estate agents and others take advantage of inexperienced or unknowledgeable homeowners who are looking to borrow money. The federal Truth in Lending Act requires these lenders to follow specific rules and to abide by a code of ethics. When the terms of this act are violated, a lender may have broken the law and you may have a strong defense against foreclosure actions related to your borrowing transaction.
At The Andres Lopez Law Firm, our Fort Lauderdale attorneys for predatory lending claims understand how easy it is for homeowners to enter into a bad financial deal. Many homeowners feel pressured when threatened with foreclosure and they may act quickly in an effort to help save their homes. It is important to seek legal advice before entering into a transaction with a lender. If you are concerned that you have already been the victim of predatory lending, it is important to get legal help as soon as possible.
What Does Predatory Lending Look Like?
Institutions that engage in predatory lending practices are rarely concerned with whether a borrower will be able to pay back a loan. In fact, they may be counting on homeowners to default on a loan, which will enable them to foreclose on a property for cheap. There are numerous ways in which lenders take advantage of borrowers, including:
- Providing fraudulent terms or misrepresenting the terms of a contract
- Making last-minute changes to the terms of a mortgage or lending agreement
- Failing to disclose mandatory mortgage terms
- Artificial inflation of a home’s value
- Providing loans that they know a homeowner cannot afford
- Engaging in high-pressure tactics to get homeowners to refinance their homes
Contact Our Attorneys If You Are Having Trouble Making Your Home Payments
To arrange a consultation with a skilled foreclosure defense attorney, contact The Andres Lopez Law Firm today at 800-785-1738 or fill our online form. Evening and weekend appointments are available upon request. Se habla español.