Consumer Protection Laws

Many honest, hard-working Americans assume that any banking or financing firm that would offer them a lending opportunity must be legitimate. Unfortunately, this is not always the case. Particularly during the recent frenzy of mortgages, loans, and refinancings, so-called predatory lenders are increasing in number. And consumer protection laws tend to come into play only after one has become a victim.

Even the most vigilant of consumers can be duped by cleverly hidden fees and charges. If you don't fall prey to a poor refinancing transaction, you may still experience unnecessary charges or high interest rates on your current mortgage, for example. Predatory lending extends to every aspect of financial services these days, so it's important to remain alert to the warning signs.

Does your loan have a prepayment penalty, for example? Perhaps your lender paid money to your mortgage broker. Or maybe you signed a document at closing stating that you were not cancelling? These are among the many subtle, yet costly, methods that predatory lenders use to take advantage of their clients. In a highly complex mortgage transaction, bad lenders find it incredibly easy to fleece eager homebuyers of their savings.

If you suspect that you've been a victim of predatory lending or mortgage fraud, contact the Bank Fraud Victim Center today. We specialize in auditing mortgage documents for fraud violations and in consulting consumers on predatory lending practices. There are consumer protection laws that come in to play if you need them. email at bankfraud@cox.net, or go straight to our free preliminary audit form below to get help on your side soon.

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