i am a victim of a preditory lender - who wants to go after them ??

Answer 1

How about you. Did you have your eyes closed when you signed a legal document that FULLY explained the costs and future costs of your loan? I don't see how anyone is responsible except for yourself.

Answer 2

First off, the answer is--YOU must go after them!!!

How are you a victim? What are your losses? How is the seller responsible under federeral and state law? What did the seller do that is illegal?

Not all "Predatory Lenders" commit crimes. Predatory lending is a term used to describe a type of lender that offers subprime loans to, no offense, "liars". Adjustable interest rates, negative amoritzation payments, high interest payments, no-documentation loans, late penalties, and a number of other offerings that are characteristics of predatory lenders are not illegal. However federal law does have some specific requirements. For example a lender must offer you the best interest rate available for the type of loan (such a mortgage broker), but they only have to offer you the best one they work with (so if they only work with terribly high loans, it doesn't qualify).

Now there is good news. Predatory lenders are rather well investigated, so it's simply a matter see a real estate agent in a no cost consult to see if actions and law suites are already pending against your mortgage lender. Sometimes the person you work with on the loan is in a office with one name, but another company really owned the process and loan, so you'll have to bring a copy of your escrow papers. You can also check with the state attorney general's task force for your specific lender to see if there is already action pending.

Answer 3

I'm confused - did this lender force you to sign the agreement? Or are you upset that your lender increased the rates dramatically after your fixed period was up.
People with bad credit pay a high price - it stinks, but when you're in that situation you're at their mercy if you HAVE to buy a house versus rent.
People make decisions all the time, that's the easy part - it's living with those decisions that gets a little tough.
What they're doing may not be right, but they didn't force you to sign on the dotted line.
Buying a home is a great idea unless you don't have any money, then it's the worst thing you could ever do.

Answer 4

Right now, the government does, because of the lending issue crisis and the fact that most foreclosure problems will multipy expedentially right about election time and all the politicians and the government want to show that they are doing something about it so that their jobs and elections are secured. In addition almost all states have formed task forces through their attorney general's office to look into the matter and prosecute violators.
Here are some links you might want to visit.
HUD Real Estate Settlement Procedures Act: RESPA the entire statute
http://www.hud.gov/offices/hsg/sfh/res/respa_st.cfm
National Home Recovery Program for foreclosures http://www.nhrp.com/
FTC: High Rate – High Fee Loans (know your rights): http://www.ftc.gov/bcp/conline/pubs/homes/32mortgs.htm
Department of Justice Press Releases on legal actions
http://www.usdoj.gov/03press/03_1_1.html
Dreams Foreclosed – Scams about foreclosures – A pamphlet: http://www.consumerlaw.org/news/ForeclosureReportFinal.pdf
Predatory Lending information from ABA: http://www.aba.com/Consumer+Connection/CNC_pred1.htm
Mortgage Loan Fraud a report http://www.fincen.gov/MortgageLoanFraud.pdf
Racketeer Influenced and Corrupt Organizations Act – RICO
http://usinfo.state.gov/usa/infousa/laws/majorlaw/rico/rico.htm
Consumer Credit Protection US Federal Laws: http://uscode.law.cornell.edu/uscode/html/uscode15/usc_sup_01_15_10_41.html
Free Foreclosure assistance – Homeownership Preservation Foundation
http://www.995hope.org/
Preventing, Detecting and reporting mortgage loan fraud
https://www.efanniemae.com/lc/publications/pdf/focuson/dec05issue.pdf

Since you think you might be a victim you might want to see if these folks can help you
Free legal aid search for all states: http://www.lawhelp.org/

Those sites should be able to give you some clear indications of what can be done about predatory lending
Best of luck on your research

Answer 5

You read the agreement
You signed the papers
You made a mistake and thought of reselling for a profit in a year or two
Now you want to blame someone else for you mistakes
Yep no one wants to take responsibility for themselves lets blame someone else
Priceless

Answer 6

Contact NACA. Im not referring to the Lawyer network, but
the organization Bruce Marks started. They are good at this sort of thing. They can be found at www.naca.com.

Answer 7

poor boy what you shouldnt have qualified for the loan in the first place or you had NO money down. i hope the rest of the good people with credit dont feel sorry for you.

Answer 8

It depends on which state you are in. In some states it is more difficult than others.