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Predatory Lending

Predatory Lending

Predatory lending refers to misleading, fraudulent and/or unfair mortgage practices that financial institutions sometimes engage in during the loan origination process. When financial institutions engage in these practices it can create loan terms with the homeowners which are unreasonable and benefit the financial institution at the expense of the homeowner. Predatory lending involves practices which take advantage of the homeowner and financially benefits the lender.

Low Income Borrowers, Minorities and the Elderly

Low income borrowers, the elderly and minorities are more often at risk for predatory lending practices involving subprime loans than other potential homeowners. Sometimes predatory lending involves charging excessive and unnecessary fees and expenses. In other situations, predatory lenders may add on unnecessary insurance to the cost of the mortgage loan. Excessive pre-payment penalties also are a type of predatory lending practice.

Victimized by a Predatory Lending Institution

If you and your family have been victimized by predatory lending practices you may be entitled to legal relief. It is strongly suggested you contact a foreclosure lawyer to review the circumstances involved regarding your mortgage and advise you whether you have a basis for legal action to deal with this issue.

Attorney Elliot Schlissel

The law office of Schlissel DeCorpo LLP has been litigating predatory lending issues and other foreclosure defenses for more than 30 years. We offer free consultations and can be reached at 516-561-6645, 718-350-2802 or 631-319-8262. We can be e-mailed at Elliot@sdnylaw.com.

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The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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