Dallas Predatory Lending Lawyers
Are you and your family facing foreclosure after taking a loan with unfair terms and conditions from a predatory lender? Unscrupulous lenders often trap homeowners by structuring mortgages with unreasonable payment terms, making it almost impossible for the borrower to repay the debt. That’s why most predatory loans result in attempted foreclosures. The state and federal governments have passed legislation that protects consumers from abusive lending practices, but it is still not enough to prevent crooked lenders from trying to trick families into harmful agreements.
If you are facing foreclosure and need help fighting a predatory lender, Gagnon, Peacock & Vereeke, P.C. is here for you. We have extensive experience fighting predatory lending practices, and we are determined to protect Dallas families from falling prey to these companies. For over 30 years, our team of compassionate Dallas predatory lending attorneys has worked closely with each client to analyze the details of their loan and identify any predatory practices. Few other law firms in this area have as much experience and passion for helping others avoid foreclosures, especially when it comes to innocent families becoming victims of deceitful and greedy lenders.
We understand how frightening it can be to face foreclosure; it’s important to realize that it may not be your fault. The only way for us to review the structure of your mortgage and identify likely predatory practices is if you schedule a free consultation. Time is a factor in being able to defend against wrongful foreclosure, so contact Gagnon, Peacock & Vereeke, P.C. today. We can be reached through the live chat service on our website, by filling out a contact form, or by calling (214) 824-1414.
Why You Need a Lawyer
Predatory lending is not always immediately easy to spot. That’s why it is crucial that you work with someone who is familiar with these practices and can help you fight back. It’s not your fault that someone used dishonest tactics when structuring your home loan. You can get as much help as possible to avoid foreclosure. An experienced attorney will be able to help you meet every deadline, file the necessary paperwork, and fight against those who tried to take your house away.
Types of Predatory Lending
Although predatory lenders frequently change tactics and no formal definition exists for what makes up a predatory loan, it can be broadly described as any mortgage that is misleading or dishonest. It can even include lenders offering bad advice, such as refinancing your mortgage so that you lose beneficial terms within the loan. There are many different ways that lenders can take advantage of homeowners, including:
- Incomplete or misleading information
- Forcing the borrower to refinance
- Higher interest rates after default
- Denying benefits
- Altering agreements after signing
- Failing to disclose fees, terms, or conditions
- Omitting arbitration clauses that are required
- Balloon payments for short-term transactions
- Prepayment penalties that extend past the first few years
Unfortunately, there is no clear and precise definition of what constitutes a predatory loan. Each loan needs to be reviewed individually to determine what aspects could be proven as predatory. The court will consider the predatory factors as a whole and determine if the borrower was a victim of predatory lending.
How Can I Protect Myself from Predatory Lenders?
The best way to prevent predatory creditors from taking advantage of the situation is to become familiar with their deceptive practices. These are some of the behavioral patterns that should raise red flags:
- Feeling Rushed: You should never feel rushed during the loan process. Scammers will intentionally pressure unsuspecting people into making a quick decision.
- Empty Promises: Do not fall for creditors promising that your loan will be approved regardless of your credit score.
- Unlicensed Lenders: Honest lenders rarely go door to door, offer loans through the mail, or use cold-call tactics.
- Blank Spaces: Carefully read any documents before signing, and be confident that you fully understand what you are agreeing to. Never sign a contract that is not entirely filled out or contains blank spaces.
If you have any questions or doubts about the legitimacy of your loan, Gagnon, Peacock & Vereeke, P.C. is prepared to discuss the details surrounding your situation. Call us at (214) 824-1414 or contact us through our website to schedule a free consultation.
Contact Gagnon, Peacock & Vereeke, P.C.
At Gagnon, Peacock & Vereeke, P.C., we are dedicated to helping families fight against predatory lending, and we will use every resource within our power to protect you from wrongful foreclosure. Schedule a free consultation today by calling (214) 824-1414, chatting with us through our website, or filling out a contact form.