New York Predatory Lending Lawyer
Consumer Law Attorneys
New York Predatory Lending Lawyer Information
Find a New York predatory lending lawyer if you want to understand predatory lending laws in New York and consider a lawsuit.
Predatory lending consists of unscrupulous or dishonest actions carried out by a lender to take advantage of the gullibility or ignorance of some borrowers in order to entice, induce, or otherwise help a borrower to take on a mortgage that is not in the best interests of the borrower and may be harmful to them, but which can be highly profitable to the lender.
Predatory lending practices might include charging exorbitantly high fees, a higher than necessary interest rate, stripping the borrower of their equity, or putting the borrower into a lower credit rating bracket that only qualifies them for a loan with fees and/or interest rates that are only to the lender's benefit.
Since the mortgage process can be confusing to non-professionals and it's a business that involves a lot of commission-based selling, there are always new predatory lending schemes being put together by someone.
Understanding predatory lending laws
There are no federal anti-predatory lending laws, although many different states have them. They are easier to regulate and formulate on a localized level. However, the U.S. Department of Housing and Urban Development (HUD) has been active in recent years in trying to uncover and prosecute predatory lenders.
The difficulty with predatory lending scenarios is that many people claim predatory lending victimization when in fact no such offense has taken place. Lenders have a legitimate and justified interest in protecting their assets and doing their best to make sure that their borrowers can reasonably be expected to pay back their loans and the interest.
If you live anywhere in NY, including Brooklyn, Manhattan, Bronx, Staten Island, Long Island and other areas in and around NYC, consult with a New York predatory lending lawyer who knows the laws in New York State.
Predatory lending and the start of sub prime loans
Traditionally, lenders were stricter in who they gave mortgages to, but beginning in the mid-1990s political pressure on the federal level began giving lenders incentives to develop new, more diversified mortgage programs so that many more people could qualify for mortgages, even if they had to take "sub prime" loans.
These new and diversified loan programs have now gotten many unqualified people home loans--leading to the credit and foreclosure debacles of recent times. Yet, this is what lenders were supposed to do, and often they had to come up with lax or complex underwriting standards or programs in order to comply.
This has made it easy for empty lawsuits to be brought against them, and it has also made it that much easier for true predatory lenders to mask their dishonest actions.
This is why, if you feel you may be the victim of predatory lending, you need to contact a New York predatory lending lawyer in your area who specializes in lending laws. These lawyers will be able to tell you if you have a legitimate case or not, and if you do they will know the state laws and case precedents and how to proceed with helping you get the justice and compensation you deserve.
So if you suspect you have been victimized by:
- Unjustified high fees
- Unjustified high interest rates
- A loan program that was not properly or fully disclosed at the time of signing
- Aggressive loan selling techniques that did not take your best interests into consideration
you will be able to consult a New York predatory lending lawyer or consumer law attorneys to help you if you are taking steps to consider a lawsuit.
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