 |
| |
Since 1995, The Law Offices of David
I. Pankin has been protecting the
legal rights of consumers. As part
of our consumer protection practice,
we represent victims of predatory
lending. Many of these victims have
been defrauded by mortgage lenders
and brokers, placed in mortgage
loans that they can not afford, paid
excessive fees and closing costs,
and never received proper
disclosures regarding the terms of
their loan. Unfortunately, many of
our clients even faced foreclosure
as a result of the predatory lending
tactics of the mortgage lender or
broker involved in the transaction.
Predatory lending is a term that is
commonly used to describe the
unconscionable lending practices of
a mortgage lender or broker.
Typically as a result of predatory
lending a borrower is placed into an
unfair loan with abusive lending
terms.
If you feel you are a victim of
predatory lending, please contact
our office by either filling out our
secure online application or call us
Toll Free
(888) Law 9600
|
|
|
|
| |
|
|
| |
| |
Chapter 13 Bankruptcy |
|
| |
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy
may provide immediately relief for consumers
facing foreclosure.
Even if a consumer is not a victim of predatory lending they
still may be eligible for Chapter 13 bankruptcy.
The Chapter 13 procedure
allows a debtor to repay some or all of its debts over a
period of three to five years. Typically, the Chapter 13
debtor possesses the ability to repay some or all of their
debt but requires time to do so. The benefit received from
filing a Chapter 13 bankruptcy petition is that a debtor can
keep all of his or her property (typically their home and
car), including those valuable assets, which are not exempt.
One of the additional benefits of chapter 13 bankruptcy is
interest and late fees do not accrue in a chapter 13 payment
plan.
A common scenario in which a debtor will utilize the Chapter
13 option is when the debtor is behind on its mortgage
payments. Chapter 13 bankruptcy will stop a foreclosure
proceeding and give the debtor the right to pay back the
past due payments over a period of up to sixty (60) months.
As part of the payment plan, a debtor is required to pay
back a percentage (or all) of the unsecured debt.
Upon the completion of the plan, the debtor will receive a
discharge of debts and will be able to keep their property.
|
|
| |
 |
|
|
|
|
|
