What Loan Modification San Diego Homeowners Need To Know About Predatory Lending
If you are considering consulting with a housing counselor to avoid foreclosure, or you want direction on how to go about a loan modification the correct way a housing counselor may be a good choice.
However, there may be a time when using an attorney may become a necessity when trying to perform a loan modification San Diego homeowners program on your home loan. If your lender is not willing to negotiate with you when it comes to your mortgage modification and you feel that you may have been a victim of predatory lending. It may very difficult from a legal standpoint for a housing counselor to identify whether or not your lender violated the law. Only a qualified forensic analysis of your loan documents can determine whether or not you were a victim.
A Trained Lawyer or forensic specialist will interview the mortgage holder to help determine potential violations in the loan origination process. Also, a complete review of the loan documents will be analyzed.
Ways to Identify Predatory Lending Practices-
Home Improvement scams
Falsifying loan documents
Failure to provide all required disclosures
Reverse steering, redlining, targeting
Telemarketing solicitation
Bait and switch
Payment of yield spreads premiums, loan kick backs
Loan broker misstating income
The key thing to remember is that when you are in a distressed situation and need help. Stop first and think about the options that are available to you. Some of the options are free and some options you may have to pay a fee for. The free options may not allow you to achieve your final goal of saving your home, lowering your payments, or making your home more affordable to avoid foreclosure. An d your lender will not negotiate a loan modification San Diego Homeowners program on your loan because you are not proerly paid with all the information you need to successfully negotiate a program on your terms and not the lenders terms.
