The Feldman Law Center will protect you from Predatory Lenders and Brokers!
Your loan is probably unlawful, and you may be entitled to substantial damages whether or not you're currently in foreclosure.
The penalties for failure to comply with the Truth in Lending Act can be substantial. A creditor who violates the disclosure requirements may be sued for twice the amount of the total finance charge on the loan. In the case of a home mortgage, this can be a very significant amount. Costs and attorney's fees may also be awarded to the consumer. A lawsuit must be begun by the consumer within a year of the violation, but certain tolling provisions apply giving the consumer more time and up to 3 years to file suit.
These laws are in place to protect us, but yet some mortgage brokers and lenders completely ignored them. You need to become educated and take the law into your own hands or hire a lawyer.
If you are in foreclosure, the Truth in Lending Act can stop the foreclosure process immediately. If you�re a victim then don't be a victim twice and let them take your home. Hire an Attorney.
Predatory lending is a hot topic in the news and there is a good reason why. Lenders and brokers have spent the last few years taking advantage of home owners with stated, subprime and pay option loans. The lenders and brokers normally did not disclose fees or terms and conditions properly and the borrowers weren't told the truth.
This term can apply to all aspects of the mortgage industry and refers to the practice whereby a creditor put a borrower into a loan that the borrower will probably not be able to repay. Federal laws like the Truth In Lending Act ("TILA") and the Real Estate Settlement Procedures Act ("RESPA"), as well as many state laws, require that creditors disclose certain terms of loans to borrowers, and when those terms are not disclosed or are inaccurately disclosed these laws provide severe monetary penalties against these creditors.
The Truth in Lending Act (TILA), and the Real Estate Settlement Procedures Act (RESPA) are violated daily by lenders and predatory lending�victims are everywhere. These laws are in place to protect you, the homeowner, but yet are often completely disregarded.
Your loan is probably unlawful, and you may be entitled to substantial damages whether or not you're currently in foreclosure. Get your loan documents examined and know for sure.
Bait & Switch
Predatory lending tactics like the classic bait and switch. You're sold on the phone by a smooth talking loan officer who pitches you a great rate with a loan program that you may not understand. Things move quickly and when you go to sign your loan documents with a notary, that great rate�isn't so great anymore and the terms of the loan may be different as well. The loan officer tells you what you want to hear or maybe makes a small concession.
Elder Abuse
Elder abuse is really common because retirees often have a large amount of equity in their homes; they are prime targets for greedy and crooked creditors. We have seen mortgage sellers cold call elderly homeowners and then scam them into a loan which they do not need, cannot afford, and which provides the seller with an incredibly large commission.
Both federal and state law prohibit the mortgage industry from providing different loan terms to people based on race, sex, ethnicity, or other protected class. Such a transaction may be subject to a cause of action under the Unruh Civil Rights Act or other law. Equity theft also called equity skimming refers to the situation whereby the same creditor refinances the same property with the same borrower multiple times and uses the equity in the borrower's property.
INVESTIGATION OF POTENTIAL STATUTORY VIOLATIONS: Truth-In-Lending Act ("TILA"), Home Ownership Equity Protection Act ("HOEPA"), Real Estate Settlement Procedures Act ("RESPA"), Regulation Z, or State Law
we review your loan documents (papers you signed when you applied and when you closed your refinance or new home loan). We investigate whether the information and calculations provided in those documents was accurate, truthful, and met the requirements of the applicable federal and state statutes.
We look to what the lender, broker, and agent told you about the loan. We focus on whether the loan you were told you were getting was actually the loan you received.
We determine whether there were predatory lending violations of federal law which give rise to the right to rescind or cancel. If we are successful in rescinding the loan, you may be entitled to receive back all of the interest paid on the loan, all of the points and fees paid to get the loan, all fees paid by you to the lender in connection with the loan, and statutory penalties. This allows you to get a new loan with a smaller principle, meaning that your mortgage can be affordable.
The entire staff at the Feldman Law Center has a strict code of ethics and professional responsibility to adhere to and this is a very serious matter, which needs serious action by a licensed and competent attorney
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