With the increasing cases of predatory lending, it is becoming increasingly important to be on the lookout, otherwise you will fall prey of these scrupulous lenders. The best way to make sure you are on the save side is to have the services of litigation officers by your side. MBS litigation Group is at your service to help with predatory lending. The firm has experienced and professional financial lawyers who will scrutinize the lender agreement for any predatory cases.
Some of the cases that MBS litigation Group helps with predatory lending include;
One: collusion between mortgage broker and mortgage lender. Sometimes, these two parties will collude for the broker to receive a kickback from the lender if mortgage takers like you and I sign mortgages with inflated interest rates. Closely related to this is the bait-and-switch strategy. This strategy is highly practiced by two lenders.
Two: addition of excessive and mysterious fees. This is a very common tactic used by predatory lenders. The fees included include service charges and shady insurance policies that inflate the amount of the loan. With the help of MBS litigation experts, these extra and unnecessary charges will be identified and quashed.
Three: prepayment penalty. This is one of the predatory tactics that you will definitely need the services of an expert. In general, this fee is charged if a borrower repays too much of the mortgage amount too soon. This is not illegal, but is traps borrowers into high-interest mortgages even if their credit improves with time to qualify them into low interest refinancing. MBS Litigation Group experts have the skills and the experts to help you break away from this trap and enjoy reduced interest mortgages.
Four: loan fraud. This is a tactic used by lender on first time borrowers. This is illegal but not many will come to know they have been fraud by the lender. The lender in this case hides or simply conceals some very important details about the mortgage contract. At the end of the contract, you end up paying more interest or other hidden charges, which serve to inflate the amount, paid.