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.
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