|Mortgage Loan Fraud|
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.
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.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established. The hiring of a lawyer is an important decision. For further information about our credentials, please call or write.