Predatory Lending Defense
ESQ.title offers help to borrowers from the Miami, Palm Beach, and Broward areas who are facing foreclosure due to predatory lending practices. The law firm’s lawyers have handled consumer protection, real estate and business law matters in South Florida for the last decade. The Miami based law firm’s foreclosure defense lawyers are well experienced in state and federal laws that protect property owners from unscrupulous lenders.
While the real estate law firm has an impressive track record of representing individuals and business entities in foreclosure defense matters, ESQ.title has also helped a long list of clients who have been victims of predatory lending.Have You Fallen Victim to Predatory Lending?
Predatory lending refers to unfair, deceptive or fraudulent actions taken by a lender in the course of making a loan. Examples of predatory lending include:
- When a lender releases a loan that they know has a high chance of going into default;
- Changing the terms of the mortgage or promissory at the last minute;
- Non-disclosure of mandatory terms in a mortgage;
- Falsely inflating the value of a home;
- Encouraging borrowers to overstate their income;
- Charging excessive fees;
- Racial profiling; and
- Using high-pressure sales tactics.
If predatory lending is proven, the client can gain valuable leverage over their lender and may have the opportunity to renegotiate the terms of their loan or possibly even terminate their mortgage. A consultation with ESQ.title is free and comes with no obligation to use the firm’s services. For a free and honest assessment of whether you are facing foreclosure due to predatory lending practices, you have everything to gain by making an appointment with the firm. Contact the consumer protection lawyers at the firm today and get started with the help you need.The Florida Fair Lending Act
In 2002, Florida passed the Florida Fair Lending Act. The said act prohibits fourteen kinds of predatory lending practices that include the following:
- Charging prepayment penalties for the first three years;
- Increasing interest rates of loans going into default;
- Balloon payments for loans less than ten years;
- Charging of late fees of more than five percent of the overdue payment;
- Refinancing an existing loan within the first eighteen months of the loan unless it is for the benefit of the borrower; and
- Extending credit beyond a borrower’s ability to pay.
In the face of foreclosure, the Florida Fair Lending Act requires lenders to inform the borrower of certain facts before the loan is closed. It is important for all borrowers to know that their homes can be lost due to no fault of their own, but rather an unscrupulous lender’s failure to properly disclose the true terms of the loan.
ESQ.title fully understands all aspects of the Florida Fair Lending Act and its federal counterpart, the Truth in Lending Act (Regulation Z), which ban certain predatory lending practices. It is with this knowledge that the law firm is able to provide effective and smart representation for its clients.
Foreclosure is a difficult process to go through. It is even worse when you have fallen victim to predatory lending. Call our Miami based foreclosure defense law firm today at 305-501-2836 to make an appointment for your free consultation.