Philadelphia Predatory Lending Lawyer
Philadelphia Consumer Protection Advocate Serving Clients Harmed By Predatory Lending
Predatory lending practices harm consumers too often in Philadelphia. Many Philadelphia residents are currently dealing with mortgage loans that have excessive fees and particularly high interest rates as a result of predatory lending. When you have been the victim of predatory lending, it can be difficult to continue making required monthly payments on your mortgage in addition to keeping up with your other bills. In numerous cases, victims of predatory lending end up facing foreclosure.
If you believe you have been the victim of predatory lending, it is important to know that you have rights as a consumer and as a borrower. A Philadelphia predatory lending lawyer can help you to fight back and to take steps to keep your home.
What is Predatory Lending?
According to a fact sheet from the U.S. Department of Justice (DOJ), predatory lending is defined broadly as “the fraudulent, deceptive, and unfair tactics some people use to dupe us into mortgage loans that we can’t afford.” The DOJ explains that predatory lending often leads to foreclosure, and that it is also a primary cause of “run down and vacant houses” in neighborhoods throughout Philadelphia, as well as a primary cause of declining property values. As such, predatory lending can have a tragic impact on communities in the Philadelphia area given that many individuals are forced from their homes while others who remain become victims of low property values.
It is important for consumers to educate themselves about predatory lending and to know what kinds of loans are fair. If you have been the victim of predatory lending, you may be able to file a lawsuit. An aggressive predatory lending lawyer in Philadelphia can discuss your options with you today.
Protecting Your Philadelphia Home from Predatory Lenders
How can you know whether a loan offer might be predatory? What are some of the ways in which you can educate yourself about fraudulent and deceptive lending practices in order to avoid a predatory loan? The DOJ offers some of the following tips for protecting yourself against predatory lending practices:
Seek advice from professionals about loan offers: there are many consumer protection advocates who can explore loan offers with you and help you to determine whether the loan is right for you;
Get the facts about your financial history and credit rating: if you know your credit score and your financial history, you may have a better sense of the types of loans for which you are eligible and those that could be deceptive;
Trust your instincts when it comes to loan offers: if a loan offers sounds like it is too good to be true given your credit history, then you may be dealing with a predatory lender and should avoid at all costs;
Read all of the loan paperwork: if the terms of the loan are not what the lender promised you verbally, you could be dealing with a “bait and switch” situation; and
Avoid loans with pre-payment penalties: these loans can prevent you from refinancing and could do more harm in the long run.
You have the right to fight back!
You don’t have to struggle alone under excessive hidden fees and potentially abusive practices. Currently, the nation is fighting back against predatory lenders by instituting dozens of new laws to protect you in your home buying process. At ConsumerLawPa.com, we are up-to-date on consumer rights and can help you take action against those who have tried to take advantage of you.
Be aware of these red flags when buying a home:
- No financial verification prior to closing;
- Failure of loaning agent collecting all required signatures;
- Loaning agent creating high-pressure situation in which you feel pressured to select a loan option you might not be able to afford;
- Unreasonable loan terms, including excessive interest rates;
- Prohibitively large closing costs; and
- Lender trying to sell you insurance you probably don’t need.
Contact a Philadelphia Predatory Lending Lawyer Today
Do you need help fighting back against a predatory lender? An experienced Philadelphia predatory lending lawyer can help. Contact Louis S. Schwartz and his team at ConsumerLawPa.com today to learn more about your options.