Challenge And Eliminate Predatory Lending With A Foreclosure Defense Attorney In Miramar

If you have a pay-option loan or the more frequently marketed teaser rate loan, you need to bear in mind that this could all be a trap. As a matter of fact, you may be a victim of what is commonly known as predatory lending in financial diction. This is a practice some lenders do to propel you to sign a bad or dangerous loan. They use unfair means to do so. You'll find that a considerable chunk of all foreclosure cases are a result of abusive, surreptitious and crooked tactics used to target innocent borrowers and unsuspecting people, who could otherwise have qualified for a regular prime loan. Eventfully, it costs you thousands of dollars in undue charges and interest. A Foreclosure Defense Attorney in Miramar helps you impede and combat such a scam that could riddle your life forever.

Help in need

If you've been a victim of such a dangerous lending process, a Foreclosure Defense Attorney in Miramar can use the current state or outcome as a leverage to negotiate and work out a just solution pertaining to your foreclosure. Both mortgage brokers and lenders take advantage of homeowners by giving negative pay-option loans or by amortizing flimsy and sky-high teaser rates. Brokers receive a higher commission on these unscrupulously created loans while the hapless borrower was actually qualified and feasible to get a better priced loan at fixed rate.

Market regulations and need

Many renowned state and federal banking regulations urge lenders to disclose their financial conditions and terms related to the loan given to their borrowers. They are supposed to disclose the details before closing. A Foreclosure Defense Attorney in Miramar checks the terms and if they see that they weren't disclosed clearly, or not shown at all, they state that the lending firm may have violated the Truth-in-lending act, real estate settlement procedures act, Home Owners equity protection act and the real estate settlement procedures act. It's very vital to have a lawyer examine the papers or files you had signed in your first application of the loan and during its closing phase.

The legal pathway

If the bank didn't disclose the loan terms accurately or honestly, you need to know that there may have been some sort of predatory lending violation or glitch. Victims of such financial malpractices may be entitled to rescind the loan or take it back. You can thus recover all the, points, interest, fees paid and down payment. A Foreclosure Defense Attorney in Miramar helps you in this juncture. In certain cases, the bank will lose all its right or hold if they enforce the mortgage amount on you. You can call the lawyers to help your case.

Your legal base for countering

You should bear in mind those banks apprehending a problem may agree to direct changes for rewriting your loan. It entails reducing the principal amount owed on the loan, then converting a related ARM to a proper, fixed-rate mortgage. The experienced law firms can guide you through each step and charge a competitive fee. To read more Click Here