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    Posted June 11, 2014 by
    relawcent
    Location
    United States

    Protection from Predatory Lenders with Real Estate Law Center

     
    Predatory mortgage lending is known as imposing unfair and abusive loan terms on borrowers. This is common among lenders seeking to reap more than necessary from vulnerable clients. Signs of a predatory lender include those who charge exceedingly high interest rates, unnecessarily large fees, prepayment penalty, explosive adjustable interest rates and hidden fees that are not included like taxes and insurance. Many homeowners in a challenging financial situation are taken advantage of each year. They become burdened with loans they were not capable of paying back and homes they are unable to afford. The Real Estate Law Center strives to provide assistance to these homeowners.
    Mass Tort litigation is one of the solutions for clients at the Real Estate Law Center. Mass Tort litigation involves joining other homeowners who are in a similar situation. While this is a single action, each homeowner involved will receive individual relief. Because this course of action is financed by the litigants, instead of the attorneys, most of what is rewarded goes to the homeowners.
    For those who do not qualify for Mass Tort solutions, there are other options. The Real Estate Law Center files individual cases against lenders that often result in monetary damages, principle reductions and other forms of relief. The Real Estate Law Center also offers pro bono services for the elderly or persons with disabilities.
    In an effort to protect potential borrowers, the Real Estate Law Center reviews the signs that point to a predatory lender. This includes lenders who offer a “no money down” solution as it encourages people to purchase homes that they may not be prepared to afford. Borrowers should also steer clear of lenders who encourage lying about a home’s value or where a down payment comes from. Blank contracts are also a red flag.
    For more information, visit lenderlawlitigation.com, where victims of predatory lending can browse their options or where potential borrowers can view more on how to avoid these predatory loans.

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