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By definition, predatory lending may include any unethical or fraudulent practices by a lender in the loan origination process. A lender may attempt to deceive a borrower or may act in a way that is unethical during the loan process, placing a borrower at serious risk of defaulting on his or her loan in the future. The FDIC (Federal Deposit Insurance Corporation) further defines predatory lending as "imposing unfair and abusive loan terms on borrowers". When you consider that a borrower victimized by predatory lending may have an unclear picture of the real terms of his or her mortgage, it is easy to see why some foreclosures may be attributed to predatory lending.
Most borrowers are unaware that they were the victims of abusive lending practices until they are behind on their mortgage payments or are already facing foreclosure. If this describes a situation you are currently experiencing, do not wait to consult with a St. Petersburg foreclosure defense attorney at our law firm. At LeavenLaw, we represent homeowners throughout Florida who are facing foreclosure and who have been victimized by predatory lending.
Examples of Predatory Lending
Proving that you were the victim of predatory lending may offer you an opportunity to successfully challenge foreclosure proceedings. However, this process is often complicated and it may be difficult to gather evidence that will prove that you were the victim of these practices.
Predatory lenders may make use of practices such as the following:
- Falsifying information such as expenses, income or down payment amounts for borrowers to get a loan
- Appraising a home falsely so that they could lend more money than the home is actually worth
- Arranging loans they are aware that the borrower cannot pay back
- Offering refinancing to borrowers in need of cash
- Making high-pressure sales with high interest rate financing
There are many examples of predatory lending that cannot be covered here. With a skilled attorney, you can make sure that you are not being taken advantage of and that you have the tools you need to take back control of your finances.
By reviewing your mortgage agreement and all factors involved in your loan and also your foreclosure lawsuit, an attorney at our offices may be able to build a plan that allows you to save your home. Call today!