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What Is Predatory Lending?

Protection from a Foreclosure Defense Attorney in Orlando

Every year, homeowners in America are losing their homes due to predatory lenders and unethical mortgage brokers. Don't let this happen to you! In order to help homeowners in Orlando avoid becoming another victim to unethical practices, our attorneys at Perez Conrique Law realize the importance of informing our clients of any possible threat to their financial well-being. The only way to avoid predatory lending is to understand the process of buying a home by becoming a smart consumer.

Predatory lending is a term used to describe a wide range of unfair financial practices, but in foreclosure defense, applies directly to mortgage companies, brokers, or real estate agents who take unfair advantage of inexperienced or unknowledgeable homeowners seeking to borrow money. State and federal laws require mortgage companies to follow specific rules and codes of ethics when making loans or mortgage agreements as stated by the Truth in Lending Act, so lenders or banks who violate this act are not only acting unethically, but sometimes unlawfully as well.

Unfortunately, victims of predatory lending who are at risk of losing the most are the ones who are the most desperate for help. Many people who are facing foreclosure, or who are not aware of the foreclosure alternatives that may be available to them, may be driven to make hasty decisions in an effort to quickly protect their assets or keep their home. It is recommended that you educate yourself on common predatory lending behaviors to watch out for, as well as enlist in the services of an experienced, ethical, and skilled Orlando foreclosure defense attorney.

Common Predatory Lending Practices

Essentially, predatory lenders act in an unethical way because they are not concerned about whether or not you will be able to pay a loan. If a predatory lender makes a contract that they know has a very high likelihood of going into default, they can still make a profit off of selling the loan to you. Predatory lending behavior can take on numerous forms, but can include the following:

  • Fraudulent, negligent, or misrepresentation of contracts, agreements, terms, or documents
  • Changing mortgage agreements or terms at the last minute
  • Not disclosing mandatory terms in mortgage terms
  • Inflating the value of a home artificially
  • Not disclosing known defects in the home
  • Assisting homeowners apply for loans they cannot afford, or encouraging homeowners to lie about their income to get a loan they cannot afford
  • Accepting or charging excessive or illegal fees for work not done or started
  • High pressure or forceful sales tactics, including pressuring homeowners to refinance their home
  • Racial profiling or pushing minorities into subprime loans

If you were the victim of any of the actions above, and resulted in the foreclosure of your home or bankruptcy, it is recommended that you consult an Orlando foreclosure defense lawyer immediately. Such predatory behaviors could be illegal, and may be available to you as a defense to a mortgage negotiation or foreclosure defense.

Contact Perez Conrique Law

Referring to an attorney who can determine whether or not the lending practices of your lender were ethical and legal could be pivotal to your foreclosure defense. Our firm has more than 20 years of experience, and we aim to protect you from predatory practices! Because we are a client-focused firm, we are devoted to keeping our clients informed of predatory behavior and teaching our clients on how to avoid scams. You can rest assured that the attorneys at Perez Conrique Law are available and can give counsel in the event that you have been a victim of predatory lending, or if you need advice on what steps to take in order to keep your home. Contact the firm or fill out a free case evaluation.

Perez Conrique Law - Orlando Foreclosure Attorney
Located at 746 North Magnolia Avenue, Orlando, FL 32803. View Map
Phone: (407) 749-1591 | Local Phone: (407) 545-4400.
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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.