When to file a predatory lending lawsuit?Answer:
If you do find that your lender has intentionally misled you and put you in a precarious financial situation, a predatory lending lawsuit may be an adequate action to take. If you were in a troubled financial situation and have turned to a lender for advice and help, you probably didn't know about abusive lending practices that could cost you thousands in fees and further deteriorate your financial situation.
Predatory Lending Signs
- You were made to refinance a number of times, each time further reducing your equity.
- Your payments are higher than what you agreed to prior to closing.
- You were asked to leave banks on many loan forms. You were also asked to buy credit insurance.
- Entering false information was encouraged by the lender on the loan papers.
- Settlement costs were inaccurate on the TIL statement, the GFE or HUD-1 form. ‘
- You were loaned a higher amount than the value of your house.
If any of the above is valid to your case, you may need a predatory lending attorney and file a lawsuit against the lender. Since laws have been passed recently to curb predatory lending practices, and there is a heated debate between lenders and consumers predatory lending lawsuits are winning a lot of attention from the general public.
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