If you utilized a mortgage broker when you obtained your mortgage he or she was supposed to set up a realistic plan with regard to obtaining the funds to purchase your home. The plan was supposed to be related to your income and in theory was supposed to be related to your financial ability to make mortgage payments. However, in some situations mortgage brokers didn’t do this. Predatory lending involves financial institutions making loans to potential homeowners who have no real potential of making the mortgage payments. The financial institution and the mortgage broker engage in this practice for the purpose of making a quick profit or quick commission.
Signs of Predatory Lending
If your mortgage payment involves a high percentage of your average monthly income such as more than 50% of your monthly income, you may have been subject to predatory lending. If as part of your mortgage scheme your lender was supposed to refinance you at some point in time and it didn’t happen, you may have been subject to predatory lending. If you purchased your home and shortly thereafter found out that it had been valued at a price much lower than you originally paid for it, you also may have been subject to having a defective mortgage.
Foreclosure Defense Attorneys
Should you be facing foreclosure counter lawsuits involving your financial institution can be brought as a response to the foreclosure lawsuit. Predatory lending involves unethical lending practices and financial institutions can be held liable for these actions. If you have been victimized by a situation involving predatory lending we strongly recommend you contact an experienced foreclosure defense law firm to help you deal with this problem.
Elliot S. Schlissel is a partner in the law firm of Schlissel DeCorpo LLP a well known foreclosure defense firm that has been representing homeowners throughout the Metropolitan New York area for more than 3 decades. He can be reached for a free consultation at Elliot@sdnylaw.com or at 800-344-6431. The firm maintains offices in Nassau, Suffolk and Queens Counties in the State of New York.
