Along with the exceptionally low interest rates of recent years has come an unfortunate companion: predatory lenders. The commercial noise of all the competing lenders in the home mortgage loan market often obscures the very real problem of predatory lending. If you've recently taken on a mortgage or are thinking of refinancing your home, it's critical that you are aware of the inherent dangers of borrowing money.
Though predatory lending practices are most prevalent among those with lower incomes, the tactics are extend to all consumers. It's important to educate yourself in order to avoid being taken in inadvertently. Anyone using the right terminology and offering great rates can appear to be a legitimate banking-related business, but beware the many signs of those who are simply looking to defraud you and your family.
Among some of the most common warning signs of bank fraud are the following: excessive fees, severe prepayment penalties, "Yield Spread Premiums," which are kickbacks to brokers, and loan flipping. This is the common practice of repeated refinancings on one home. These transactions garner the lender repeated profits from closing fees and more, but are of no benefit whatsoever to the borrower.
The Bank Fraud Victim Center is here to educate consumers and to help victims recover their losses. If you are a victim of mortgage fraud or predatory lending, it's possible in many cases to apply 100 percent of your payments to the principal with our help. Just call or email us at 401-349-4717 or at firstname.lastname@example.org, simply fill out our online application today. One of our specialists will contact you to help you take back control of your finances.
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