Predatory lending is a pejorative term used
to describe practices of some lenders. There
are no legal definitions in the United
States for predatory lending, though there
are laws against many of the specific
practices commonly identified as predatory,
and various federal agencies use the term as
a catch-all term for many specific illegal
activities in the loan industry.
One less contentious definition of the term
is "the practice of a lender deceptively
convincing borrowers to agree to unfair and
abusive loan terms, or systematically
violating those terms in ways that make it
difficult for the borrower to defend
against."[1] Other types of lending
sometimes also referred to as predatory
include payday loans, credit cards or other
forms of consumer debt, and overdraft loans,
when the interest rates are considered
unreasonably high.
Although predatory lenders are most likely
to target the less educated, racial
minorities and the elderly, victims of
predatory lending are represented across all
demographics.
Predatory lending often occurs on loans
backed by some kind of collateral, such as a
car or house, so that if the borrower
defaults on the loan, the lender can
repossess or foreclose and profit by selling
the repossessed or foreclosed property.
Do not let your home go into foreclosure.
You may be a victim of predatory lending.
Our consultation is FREE there is no
obligation to hear how we can save your
home and mortgage with out
refinancing and with out losing your home. Don't be the next victim at
least hear what we can do to help.
Disclaimer
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