I have an arm loan?

I GOT AN ARM LOAN BUT I HAD A 650 AND NO LATES EVER IN MY LIFE .YEA I KNOW I SHOULD HAVE LOOKED AT FINE PRINT BUT IS THAT PREDATORY LENDING
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and i have a way to get out of it if you need the info just ask me

Can't unless you pay it off........sorry........your right you should have read the small print..........

you read those documents before you sign them at the closing so why did you sign them at closing if you could SEE it's an ARM loan and thats not what you wanted? this is a perfect example of someone getting a loan they don't want but accepting it anyway. You weren't thinking! You agreed to it so how could it be predatory? it wasn't forced on you - you accepted it.

Don't get mad at people, you are the one that didn't read the fine print.

You made a commitment HONOR IT!!! Values may have fallen but if you don't pay your bill your credit will ruined for long time. Your homes value will go back up in less time than it will take to repair your credit.

oh to be a victim because you were dumb.

When they gave you the monthly payment on the arm loan, you KNEW that it was lower then the 30 year fixed. That is why you took it.

YOu also had to have known that the arm would reset.

No. That's buyer's ignorance for not reading something before you sign it.

No. "Predatory" lending means selling people things under false pretenses. "Not reading the fine print" is no excuse.

the government does have lenders to get you out of that beforwe the payment gets to high and you lose your house go search engine and typr government help loans or call your local bank also watch tv like the local channels like 4 they have web sites to go to or call the eoc in porrt huron michigan

Predatory lending is usually described as going after low income people or those who should not be able to get a loan and getting them a loan they do not need.

Fraud would be falsifying documents in order to get a loan. Usually in fraud an unfortunate consequence is that the person who signed the documents gets caught up in the charges because their names are on the documents.

To know if this is predatory lending we would need to know was the loan needed? Did this person contact you out of the blue and offer you a loan? That is one sure fire sign of the start of a predatory lending case. If you contacted the person then you have an uphill battle because you will be saying they preyed on you when you are the one that initiated the contact.

Also, was it a loan that you needed or didn't need? If it was a loan that you didn't need then again, you have a good case. If it was a loan that you needed then you have an uphill battle.

Here is an example of a typical predatory loan: A "loan officer" contacts a person and offers them a great rate for a loan. They say that they can get you to refinance your mortgage, put $20,000 in your pocket and your payments will be less than you are paying now with your fixed rate mortgage. You go through everything and close the loan. You get the $20,000, get a lower rate for 2 payments then your payments jump up to a rate that is higher then you were paying with the fixed rate mortgage. This is a perfect example of predatory lending.

Here is what is not considered predatory lending:

You contact a "loan officer" because you have a mortgage and want to get some cash out. The loan officer tells you that he can get you a new loan that puts $20,000 in your pocket. You close the deal, get the $20,000 and pay a lower rate for 2 payments then your payments jump up to a rate that is higher then you were paying with the fixed rate mortgage.

The differences between the two examples are slight. In both cases the end result was the same. In the first case the person did not initiate anything, expected a lower payment and got some money out of the deal. In the second example the person was the one who initiated the contact (so were asking for a loan), got the money (they asked for a cash out), and got into an ARM loan. Slight differences but those slight differences are why it is hard to prove predatory lending.

Good Luck!

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