Real Life Examples Of Predatory Lending
Below are real examples of Predatory Lending. These are meant to show the wide variety of conduct by lenders that can lead to lawsuit. This, by no means, is an exclusive list. You should not assume from these stories that the abuse you are enduring does not rise to the level of abuse worthy of the attention of our office or worthy of the legal system. It would be impossible for us to provide even a small list of all the potential violations, and we do not attempt to do so here. We want to discuss any abuse you are enduring at the hands of lenders.
What are some examples of predatory lending?
* Charging high interest rates and fees;
* including prepayment penalties;
* Issuing loan payoff statements full of inflated and improper fees;
* Failing to properly and timely credit loan payments;
* Charging inappropriate escrow fees;
* Putting you into a loan you cannot afford;
* Breaking verbal promises or “bait and switch” at closing;
* Loans with payments that start low and go high;
* Loans with balloon payments;
* Getting inflated appraisals ;
* Coaching you to lie or be dishonest on your loan application;
* Putting you into a “stated income” or “no document loan;”
* Loan “flipping” or constant refinancing;
* “Hard Money” lending; or
* Getting you a higher cost loan when you qualify for a lower one.