Do you have a teaser rate or pay-option loan? You may be a victim of a predatory lender who go you to sign a bad loan using unfair tactics. A substantial portion of foreclosures are a result of abusive tactics that targeted borrowers who could have qualified for a regular prime loan. The result costs the borrower thousands of dollars in unfair interest and fees.
If you are a victim of unfair lending practices, Bruce Jacobs & Associates can use that as leverage in negotiating a resolution to your foreclosure. Lenders and mortgage brokers took advantage of homeowners by offering unrealistic teaser rates, negative amortizing or pay-option loans. Brokers received a higher commission on these exotic loans even though most borrowers qualified for fixed rate or better priced loan.
Several federal and state banking laws require that lenders disclose material terms and conditions of each loan to their borrower before closing. If these terms were improperly disclosed, or not disclosed at all, the bank may have violated the Real Estate Settlement Procedures Act (“RESPA”), the Truth-In-Lending Act (“TILA”), the Home Owners Equity Protection Act (“HOEPA”) and a number of state.
It is important to have an attorney review the papers you signed when you first applied for the loan and then at the closing for the loan. If the Bank did not accurately and truthfully disclose the terms of your loan, there may be a predatory lending violation. You may be entitled to rescind the loan and recover all interest, points, fees paid, including your downpayment. In some cases, the bank will lose is right enforce their mortgage entirely.
Evidence of Predatory lending practices is powerful leverage to negotiate or defend a foreclosure in Florida.
Call Jacobs Keeley, PLLC for a consultation or send us an e-mail. We can evaluate your case today.