Predatory Lending & Mortgage Fraud Scams
Predatory lending and mortgage fraud are concerns which have spread rapidly throughout the U.S.. As can be seen in today's mortgage and lending market, many homeowners are struggling to make their mortgage payments, are facing foreclosure and are experiencing a myriad of difficulties either due to predatory lending, or which make them prime targets for this unethical practice.
I represent clients throughout Washington who need legal assistance in matters involving predatory lending and mortgage fraud. I am an aggressive consumer rights advocate and understand exactly what can be done in these situations to find a remedy that helps my clients face brighter futures. Depending on where you live and the particular circumstances of your case, you may be entitled to recovery under state and/or federal law. The federal Truth in Lending Act, Home Ownership and Equity Protection Act, and Real Estate Settlement Procedures Act may offer you the protection and recourse you need.
If you or a loved one is currently facing a situation which was brought on due to predatory lending or mortgage fraud, I can help.
Are You a Victim of Predatory Lending or Mortgage Fraud?
There are particular practices which may indicate predatory lending, including:
- - Encouraging applicants to include false information and/or lie about their income, expenses, or cash available for down-payments in order to get a loan, thereby lending much more money than a borrower can afford to repay.
- - Asking borrowers to leave contract signature lines blank.
- - Failing to include Good Faith Estimates, Special Information Booklet, Truth in Lending and HUD-1 Settlement Statements.
- - Convincing a borrower to refinance a loan several times, each time increasing monthly payments or amounts owed thereby "stripping" any equity accrued.
- - Charging fees for excessive cost or loan terms and/or for nonexistent products and services. This can include inserting hidden clauses into contracts in which a borrower will unknowingly promise to pay a broker or lender to find a mortgage whether or not the mortgage is closed.
- - Aggressively pressuring borrowers to accept higher-risk loans such as balloon loans, interest-only payments and steep pre-payment penalties.
- - Targeting borrowers to cash-out refinance offers when borrowers are knowingly in need of cash due to medical, unemployment or debt problems.
- - Brokers selling properties for much more than they are worth using false appraisals.
These are just a few specific examples. If you are interested in learning more about mortgage fraud and predatory lending, and what you can do in these situations, please contact me for a consultation. When you do so, I will work with you to help you protect your financial assets, stop undue harassment, get compensation if you are entitled to it, and ideally achieve peace of mind and a path forward.
Because your investment in your home and other dealings with lenders is of such far-reaching impact, I recommend you contact me as soon as possible.