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There is the occasional unscrupulous loan officer who misrepresents his or her product to make a buck. He or she may try to sell you something you don't understand, such as a product with a great introductory rate ("teaser rate") that later skyrockets into a massive liability. He or she may offer you what seems to be a competetive loan rate, which suddenly doubles once you add fees and administrative costs and his or her commission. This is predatory lending. You are a victim of predatory lending if you could not (or did not) understand what you were agreeing to, and a loan officer took advantage of that. There are legal recourses for this, including the loan officer losing his or her license to sell financial products. You are NOT a victim of predatory lending because you pay a high interest rate, you decide now that you can't handle the debt you took on, or you saw an ad on TV by a sleazy trial lawyer promising to make you a "victim" in a big lawsuit.
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∙ 2008-10-31 08:12:35
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Can a equity loan get audited for predatory lender?
If you feel you are a victim of predatory lending then by all means it should get audited
What a person who can afford a monthly payment of __________ and signed a mortgage with a monthly payment of __________ was most likely the victim of predatory lending.?
$900; $1000
What is predatory lending practices?
The link below has the definition.
Has Drive Financial been accused of predatory lending?
yes it has been accused
Can I get a payday loan if my SSI payments are direct deposited?
Check with your lender. But in general - yes. Be aware of predatory lenders and predatory lending practices.
How can the word victim be used in a sentence?
Predatory criminals seem to view everyone around them as their next victim.
How do moose choose their victim?
Moose are not carnivores, nor predatory animals. They are herbivorous prey-animals, thus they do not "choose their victim."
Is there a place on the internet where I can print out information on the dangers of payday loans?
Payday loans come under the heading of "predatory lending." There are interesting articles at http://www.texpirg.org/financial-privacy-security/predatory-lending AND www.responsiblelending.org/consumers/ You can go to . The article advices on the dangers of payday loans.
Who is David Scoll?
Former Philadelphia, PA bankruptcy law judge specializing in bankruptcy related to predatory lending violations.
What is the meaning of predatory lending?
Predatory leading is the unfair, deceptive or fraudulent of some lenders during the loan origination process. Typically occurs on loans backed by some kind of collateral, such as a car or house.
Was citifinancial mortgage company ever accused of predatory lending?
Please let me know what you find out....we are wondering the same thing with a mortgage loan we have with them at 10%.... Please let me know what you find out....we are wondering the same thing with a mortgage loan we have with them at 10%....
What is predatory?
Predatory lending is when a real estate agent convinces a borrower that they should obtain a loan. The loan usually has unfair and fluctuating rates and they prey on the borrowers need and desperation even if the borrower does not have the means to repay the loan.
