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Predatory Lending THE LAW OFFICE OF C. THOMAS
 
 

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PREDATORY LENDING

The financial crisis that the United States is experiencing was partially caused be predatory lenders and brokers. Predatory lending is a cruel loan practice which happens frequently in the mortgage and consumer credit markets where the consumer incurs balloon notes because of misleading practices. Predatory loans give huge paydays for the lender because they strip the borrowers of the equity in their property; leave them in foreclosure or mountains of endless debt and frustration.

Predatory Lending Alerts

  • Do not sign papers if someone tells you to forge information for the purpose of getting a loan.
  • Do not allow the lender to persuade you to apply for a loan that is over your budget or more than you need
  • Do not sign documents which are bare or undeveloped.
  • Do not sign papers if the lender states he will not give you copies of them.
  • Watch out for the “Bait & Switch” schemes where the lender states one set of stipulations, but hassles the borrower about signing documents with conditions which are more costly or undisclosed fees.
  • Watch out for media, email or mail advertisements which state: “ No Job? No Credit? No Problem”, and you are still eligible for a loan because of the equity in your property. “Remember if it sounds to good to be true… it usually is.”
  • Predatory lenders lend without an after thought about whether the borrower can remit the loan, sometimes the borrowers’ property can end up in default or foreclosure because the lender hijacks the equity in the borrowers’ property.
  • Watch out for predatory lenders who contact you regarding consolidating your bills.