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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
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Frequently Asked Questions |
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Q. What is Predatory Lending
A. Predatory lending
refers to unconscionable lending practices that take
advantage of vulnerable borrowers, such as the elderly or
unsophisticated. The term also refers to the practice of
convincing borrowers to agree to unfair and abusive loan
terms. Such loans could take place either through outright
deception or through aggressive sales tactics, taking
advantage of borrowers' lack of understanding of extremely
complicated transactions.
Q. What are the possible signs of Predatory Lending?
A. Excessive closing costs
Not receiving loan disclosure docs from either lender or
broker
Final loan terms do not match the terms initially disclosed
Lender or Broker pressuring you to close fast
Lender or Broker claiming that they are the only one able to
get your loan closed
Q. How we can help you
A. There are federal and state laws
available to help consumers of predatory lending.
Some of the laws include the Federal Truth and Lending Act,
HOEPA, Equal Credit Opportunity Act and Various State unfair
and deceptive practices laws.
Q. How much does our service cost?
A. We offer a FREE Consultation
Fees may vary depending on your particular case. However
many of the cases we represent the client on a contingency
fee basis. In fact the laws sited above require the creditor
to pay the attorney’s fees of the borrower if the case is
settled or judgment is obtained.
Q. What are other possible types of predatory conduct?
A. Companies that portray themselves
as foreclosure rescue firms.
Title companies that perform excessive fees or do not
perform services for the fees charged.
Q. Do I have rights if the
company servicing my loan (the company collecting my monthly
mortgage payment) does not properly credit my account for
payments that I sent?
A. Yes, there are federal and state laws available to
protect consumers from companies that do not adequately
service the mortgage loans of consumers.
If there are any other questions you may have please click
here to contact us. |
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