How to Identify Lending and Mortgage Fraud
As a law firm in Joplin, Missouri regularly working with victims of bad faith mortgage loans and other forms of mortgage lending fraud, we are unfortunately familiar with the steps that lead millions of homeowners to these difficult financial conditions.
It is regrettable that so many hardworking people have fallen victim to mortgage bad faith lending practices by unscrupulous players in the mortgage industry. The U.S. Department of Housing and Urban Development offers tips to new homebuyers and people looking to negotiate better mortgage terms to help avoid mortgage loan fraud. These tips include:
- Shop for a lender and compare costs. Be suspicious if only one lender is suggested by a mortgage broker or other individual.
- Be wary of anyone who encourages you to make a false statement on your loan application. This would include overstating your income, the source of your down payment money, the size and nature of your existing debts, or the tenure of your employment (lying on a mortgage application is legally defined as fraud and can result in criminal penalties).
- Never sign documents containing blanks. If there are some, write in N/A for not applicable or cross a line through those blanks.
- Do not sign anything you do not understand. Before signing, have the loan contract signed by an attorney who understands real estate law. Lower cost or free attorneys are available through your local HUD-approved agency.
- Be honest about what you intend to do with the property you are purchasing. If you say you plan to live there, but in fact your intention is to rent it or sell it to someone else, you are violating a federal law.
It certainly helps to know these things in advance. But if you are victimized by a bad faith lender, contact the predatory lending law firm of The Hershewe Law Firm at 877-382-9734 or contact us online today for a free consultation about your case.
Predatory Lending Law
Predatory lending refers to any unfair lending practice that may affect your loan and severely impact your financial circumstances while attempting to obtain a mortgage.
Predatory Lending: Interest Rates
Before you agree to accept a loan from a lender, you should examine the percentage of fees and interest you are being charged to ensure that you are not being charged more than lending law allows.
Additionally, being given a loan by a lender that is in excess of what you could reasonably repay is considered predatory lending. Your lender has a responsibility to examine your circumstances and determine the amount you will be able to repay, and issue a loan for no more than that amount.
Predatory lending is a broad term that can refer to a number of practices and actions that can have a severe impact on the loan you receive and your ability to repay it. Having a mortgage attorney represent you and explain the laws and regulations is key.
If you are seeking representation while obtaining a loan or feel you are the victim of predatory lending, contact an experienced predatory lending lawyer right away to discuss your rights and responsibilities.
L.A. Clippers Owner Settles Discrimination Case
Donal Sterling whom owns about 120 apartment buildings in Los Angeles County settles a case filed against him for discriminating against African Americans and Hispanics. He is also owner of the National Basketball Association’s Los Angeles Clippers, and agreed to pay $2.73 million to settle a U.S. government lawsuit accusing him of housing discrimination. Most of these apartment housing complexes are in the Koreatown section of Los Angeles.
The payment is the largest ever obtained by the U.S. government in a discrimination case involving apartment rentals, the Justice Department said today in a statement.
"Housing is a basic human need, and yet decades after passage of the Fair Housing Act, far too many still encounter barriers like discrimination," Assistant Attorney General Thomas E. Perez said in the statement. "The magnitude of this settlement should send a message to all landlords that we will vigorously pursue violations of the Fair Housing Act."
Article provided by Bradley & Gmelich an employment law firm in Los Angeles. If you need help settling an employment lawsuit in Los Angeles contact an attorney now.
Are Housing Laws the Same in Every State?
National and Local Legislation
Housing law is like any other kind of legislative mandate in that it falls under the realm of both federal and local authority. Generally speaking, everyone across the country is required to adhere to the same federal housing law that regulates housing eligibility, property ownership rights and obligations, and anti-discrimination directives.
There are, however, additional local laws that apply to particular to the state, county, and city in which a housing property is located. These local laws perform a very vital function of further defining property ownership rights to the specific needs of the locality:
- Water & sewer usage
- Land-use and zoning
- Leasing eligibility
- Tax requirements
- Developmental requirements
While there are many similarities among many of our country’s cities and towns, each municipality has unique features that influence its corresponding housing legislation. These differences are important and different legislation is beneficial to town residents because it keeps people from navigating and abiding by legislation that does not apply to their location.
The Benefits of Using a Local Housing Lawyer
FHC&W is an Atlanta-based housing law firm that strongly advocates the use of local legal counsel to help in matters of housing law. The housing lawyers at our practice operate a national practice and are well-researched in the federal laws that regulate all housing transactions and the Atlanta laws that affect our clients’ cases.
Coming to a case armed with the legal insight of federal and local housing and apartment law allows us to meet our clients’ needs at a much faster and more efficient pace. Contact our firm if you are in need of counsel during a housing dispute in the Atlanta-area. We look forward to promptly addressing your issues.
This article has been provided by Fowler, Hein, Cheatwood & Williams, Professional Association:
Park Central Suite 220
2970 Clairmont Road
Atlanta, Georgia 30329-1634
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