According to CNN, due to the ever-increasing national slump in the housing market, there is growing concern that more and more U.S. consumers are falling victim to mortgage loan fraud or predatory mortgage lending. Predatory mortgage lending occurs when an industry party or institution, such as a real estate broker, mortgage broker, appraiser, lender or bank, willfully misleads or deceives a consumer into entering into a misguided loan for the sake of making additional profit. Predatory mortgage lending is not only illegal, it can cause severe financial hardship or ruin for a borrower–often resulting in foreclosure, bankruptcy and irreparable damage to a customer's credit rating.
Examples of mortgage loan fraud or predatory mortgage lending include:
Buying or refinancing a home may be one of the most important and financially complex decisions a person will ever make. Many qualified lenders, appraisers and real estate professionals are ready and available to help a borrower find a nice home and secure a great loan. However, each year many consumers, often first-time homebuyers or seniors, become victims of predatory lending or mortgage loan fraud which can result in devastating financial effects. And when real estate/lending transactions operate within legal, although misleading boundaries, a default in contract can result in a potential borrower being sued.
If you believe you or someone you know has been victimized by predatory mortgage lending or mortgage loan fraud, an experienced and dedicated Lead Counsel predatory lending attorney or real estate fraud lawyer, as listed on this site, can discuss your claim with you, ensure that your rights are protected, and advise you on the best course of legal action you should take. Don't fall victim to predatory mortgage lending and jeopardize your financial future - contact a skilled attorney today.
For assistance with your Civil Mortgage Loan Fraud case, click here to find Civil Mortgage Loan Fraud attorneys near you or find attorneys in a different state.