Predatory lending refers to a variety of unfair or deceptive practices sometimes engaged in by financial institutions. Financial institutions that engage in predatory lending often target low income individuals, the elderly, and minority individuals who are concerned they will not be able to secure a mortgage. Predatory lending is against the law in the State of New York.
Tactics Used by Predatory Lenders
There are a variety of indicators that an individual has been a victim of predatory lending. The following is a list of some predatory lending tactics:
- Guaranteed loan approvals without credit checks;
- Pressuring homeowners to sign documents without giving them enough time to carefully review these documents;
- Door-to-door solicitations.
Predatory Lending a Defense to Foreclosure Cases
If you have been the subject of predatory lending you may have a legal defense in the event your home goes into foreclosure. The courts in New York have dismissed foreclosure cases based on lenders being involved with predatory lending tactics. The New York Banking Law prohibits lenders from engaging in: “High cost home loans”.
Fighting Predatory Lending Mortgages
The foreclosure lawyers at of Schlissel DeCorpo LLP for more than 3 decades have been representing homeowners who have been the subject of predatory lending. Feel free to contact our Nassau, Suffolk or Queens offices at the following phone numbers to discuss your situation: 516-561-6645, 631-319-8262 and 718-350-2802. My e-mail address is: Elliot@sdnylaw.com.
