Defining Unconscionable Lending Practices
Buying or refinancing a home is a serious financial decision that requires educated decision-making. Are you on the verge of buying your first home? Perhaps you already took that giant step and purchased a home during the past few years. Or maybe you refinanced. Whatever the situation, if you are worried about deceptive or predatory mortgage schemes or believe you are a victim of unconscionable lending practices in Missouri, contact The Hershewe Law Firm, P.C. for counsel and guidance. These experienced mortgage litigation attorneys will advise and educate you about the nation’s housing crisis and how it is affecting many Missourians. They will also discuss signs that may point to problems with your mortgage company or other real estate professional.
Examples of unethical business tactics include:
- Advising you to stick with one lender
- Lending more money than you can afford to repay
- Rushing you to act quickly
- Supplying unusually high property appraisals
- Providing blank sales contracts or loan documents
- Falsifying information about your income or cash availability
- Changing costs or loan terms at closing
- Promising that refinancing will solve all your credit or money problems
These tactics are destructive, offensive, deceiving and fraudulent. Predatory lenders often will push unreasonable cash-out refinance offers, encourage multiple refinancing, or offer higher-risk loans such as balloon loans, interest-only payments and steep pre-payment penalties. Even though everyone is at risk, predatory lenders frequently target the elderly, minorities, and low-income homeowners. Results can include bankruptcy, home foreclosure, or damaged credit. Do any of these examples describe your current circumstance? In specific situations, you may be able to rescind a loan if you act within three days of signing the agreement. If you need a predatory lending lawyer in Missouri, contact The Hershewe Law Firm, P.C. for a free consultation.
