Jacoby & Jacoby Articles Are You a Victim of Predatory Lending?

Are You a Victim of Predatory Lending?

By Jacoby & Jacoby  Jun. 29, 2010 10:25a

When you find yourself inundated with debt or facing a foreclosure notice, you may wonder how you got to this point. Often, borrowers work hard to be financially responsible, but unexpected situations, such as an injury or illness, divorce, or job loss, can make it impossible.  Sometimes, however, the borrower is deceived when he or she agrees to the loans, and it is impossible from the very start. This is called predatory lending. According to the Federal Deposit Insurance Corporation (FDIC), predatory lending is a term that describes "unfair and abusive loan terms on borrowers." The definition of predatory lending is vague, so if you believe that you might be a victim, you will need to contact a New York foreclosure defense attorney to discuss the details of your loans and learn about how to fight foreclosure.

 Predatory lenders usually insist that you borrow against your home or vehicles so that when you default, they can repossess or foreclose on your assets and resell them for a profit. Some of the ways in which predatory lenders take advantage of borrows are: deceiving them into believing that they are able to pay for things that they cannot, misleading them about the interest rate, purposefully giving inaccurate or vague information about the loan terms, or violating the loan terms.  Predatory lenders often target people whom they believe will not be able to identify the abusive terms.

Very few people outside of the industry have intricate knowledge about loan processes and mortgages. We rely on our lenders to honestly and accurately represent our finances and our abilities so that we can make responsible and informed decisions. Many of the practices of predatory lending are illegal, and with the assistance of an experienced lawyer, you may be able to prove that you were knowingly taken advantage of and use this to file an answer to your foreclosure complaint so that the foreclosure proceedings will stop. You may even be able to sue for your losses.

New York Predatory Lending Defense Lawyer

At Jacoby & Jacoby, we have over 50 years of experience with foreclosure and bankruptcy issues. Predatory lending is unfair and illegal. You deserve the best chance possible to keep your finances in order, so contact a New York Predatory Lending Defense Attorney to learn how we can help.

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