St. Louis Mortgage Fraud Attorney
Protect Yourself from Mortgage Fraud
Experienced at Dealing with Predatory Lenders in Missouri
Victims of mortgage fraud are often at the mercy of the lenders and can lose substantial amounts of money. They can also lose their home after being unable to afford the high interest rates or high payment amounts.
At The Law Office of James B. Day, LLC, we have dealt with predatory lenders and mortgage brokers who have engaged in unlawful practices. We will try to get compensation for your losses and to get you back on a solid financial track. Contact our St. Louis firm today to discuss your mortgage fraud situation at (314) 786-1218.
With the housing market taking a huge hit in recent years, predatory lending and mortgage fraud are two issues that have become increasingly important to home owners. Predatory lending is the term used to characterize fraudulent, unfair and deceptive mortgage practices aimed at homeowners who are looking to refinance or home purchasers who are reliant upon sub-prime lenders.
Predatory lenders and mortgage brokers often pocket large commissions off of these deals, while home buyers and homeowners are struggling to afford the property. If you feel that you have been a victim of mortgage fraud, you need to contact a lawyer who will aggressively pursue your best interests.
Mortgage Fraud and Predatory Lending Claims and Practices
There are many practices that predatory lenders do to get an advantage over potential borrowers:
- Aggressive solicitation: Predatory lenders are often very aggressive in getting potential customers. They may send you non-stop e-mails and flyer's, pitching to you their ability to lower your payments, save you money and even give you equity to spend on a new home or car. These lenders often do not take no for an answer and can manipulate customers into giving them business.
- Home improvement scams: Lenders can offer homeowners financing on a project such as a new kitchen or roof and hit those owners with hidden high interest rates, burdensome fees and a pre-payment penalty locking the borrower in for an extended period of time. These lenders often prey on victims of tornado's and other natural disasters.
- Pushing for refinancing a mortgage: Some mortgage lenders will try to sell a homeowner on a refinancing of a first mortgage instead of granting a second mortgage. This may result in a lower monthly payment, but will strip equity out of the home and will add tens of thousands of dollars in interest onto the loan.
- Changing original terms of the mortgage: After a borrower commits to a mortgage under a certain set of terms, such as an interest rate, a frequency, length of the loan and others, these terms are changed at the time of closing. Under pressure of the sale, the borrower often signs the contract even with the changes (or, if the changes are not noticed) and are now faced with higher payments or a legal issue to get the original terms recognized.
If you have been a victim of these or other practices involving inflated appraisals, lending fraud, mortgage fraud or predatory lending, contact a lawyer who will fight for you. Our attorneys have litigation experience with mortgage fraud and will work for your best interest.
Contact The Law Office of James B. Day, LLC, for a free consultation to discuss your issues. Call (314) 786-1218 to set up an appointment.