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  • Predatory Lending

    Predatory lending refers to the unconscionable lending practices that take advantage of certain borrowers. Predatory Lending can also refer 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.

    Some of our clients have been defrauded by mortgage lenders and brokers, and placed in mortgage loans that they cannot afford. Some have paid excessive fees, insurance charges, and closing costs. Many never received proper disclosures regarding the terms of their loan. Unfortunately, some of our clients even faced foreclosure as a result of the predatory lending tactics of the mortgage lender or broker involved in the transaction.

    Here are some possible signs of Predatory Lending:

    • 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;
    • Title companies charged excessive fees or did not perform services for the fees charged.

    There are Federal and New York State laws available to help consumers who have been pressured into predatory loans. These laws include the Federal Truth and Lending Act, Home Ownership and Equity Protection Act, Equal Credit Opportunity Act, as well as various New York State unfair and deceptive practices laws.

    Fees in a Predatory Lending matter vary depending on the particular circumstances of your case. In some cases, we will represent you on a contingency fee basis. You do not pay us an upfront fee or on an hourly basis. Our payment is contingent on a recover from the bank or broker. In fact, the laws cited above require the creditor to pay the attorney’s fees of the borrower if the case is settled or a judgment is obtained.

    If you have any questions or if you would like to arrange for a free initial consultation, please contact us by phone, toll free at 888-529-9600 or click here (insert link to contact page) to contact us by email.

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