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Predatory Lending

Predatory Lending

Predatory lending refers to any unfair lending practice that may affect your loan and severely impact your financial circumstances while attempting to obtain a mortgage. An Oklahoma lending law, enacted in 2002, is aimed to protect home buyers from predatory lending practices by regulating the interest rates you can be charged. The Hershewe Law Firm is dedicated to protecting home buyers in Oklahoma by keeping them advised of their rights and helping them identify predatory lending practices.

Predatory Lending: Interest Rates

Oklahoma mortgage law prohibits a lender from charging more than six-percent of the total loan amount in fees or interest, and doing so is considered a predatory lending practice. Before you agree to accept a loan from a lender, you should examine the percentage of fees and interest you are being charged to ensure that you are not being charged more than Oklahoma law allows.

Additionally, being given a loan by a lender that is in excess of what you could reasonably repay is considered predatory lending. Your lender has a responsibility to examine your circumstances and determine the amount you will be able to repay, and issue a loan for no more than that amount.

Predatory lending is a broad term that can refer to a number of practices and actions that can have a severe impact on the loan you receive and your ability to repay it. Having a mortgage attorney represent you and explain the laws and regulations Oklahoma has established for lenders can help you avoid becoming the victim of predatory lending practices.

If you are seeking representation while obtaining a loan or feel you are the victim of predatory lending, contact an attorney right away to discuss your rights and responsibilities.

The Hershewe Law Firm is dedicated to protecting Oklahoma residents from predatory lending practices and helping them obtain the mortgage they need to purchase a new home.

To speak with an Oklahoma mortgage attorney, contact The Hershewe Law Firm toll-free at 877-382-9734, or use our quick contact web form.
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Location: 431 South Virginia Avenue, Joplin, MO 64801       Toll Free: 877.382.9734       Fax: 417.782.8482
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