When the Mortgage Should Not Have Been Offered ...
Unscrupulous mortgage brokers were signing up loans as fast as they could — and they did not care if the people signing the loans could afford to repay them. They did not care that they were setting people up to fail, to lose their homes and to face financial difficulties, even bankruptcy.
ClassAction.com: Fighting Back Against Predatory Lending
If you were one of the people who was given a loan even though you were not qualified, please know that you are not alone. Many people were taken in by the assurances of mortgage lenders.
How can you fight back? When many people are affected by the same lender in the same way, this could be an opportunity for a class action attorney to file a lawsuit against lender fraud. It sends a message to dishonest lenders, and it may help you obtain some compensation for what you have gone through.
- Lender walks away: In predatory lending, the lender issues the note and then sells the mortgage right away. The lender walks away while the new note holder and the borrower are left to deal with the problem.
- Interest rates: Many predatory loans start with high interest rates with a suggestion that refinancing at a lower rate will be easy. Or they may start with a low interest rate and then have a balloon rate at a later date.
- Trading on dreams: Predatory lenders take advantage of people's dreams. They convince people that a home is within reach. They tell them not to worry about interest rates and balloon payments. They say the home will increase in value every year.
A lot of people got taken in by predatory lenders. The lender knows that people already in deep financial trouble cannot afford a lawyer to fight back. With a class action lawsuit — a lawsuit that represents many people — you can fight back.
Contact ClassAction.com and tell us about your experience with predatory lending.
