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<... |
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norbshere | My parents are victims of predatory lending. What can we do now? |
My mom attempted to get a loan to refinance her house through beneficial lending. She had no knowledge of the mortgage business and trusted this mortgage broker to help her. My mom is very trusting and told the woman who helped her to do whatever she thinks is fair and help her anyway that she can. She ended up being ripped off at every possible step of the way. A friend in the mortgage business reviewed the paperwork and said he has never in his 10 years seen a case this bad. Now the mortgage has gone up 1,000 dollars a month and the way it's designed, the outstanding balance of the house never goes down, only up. So we will never be able to own the house. Plus, we cant afford the raise in monthly payments. Much longer and we'll lose the house, all for a refinance that was supposed to help us save. We are waiting for a lawyer to answer us back after reviewing the case. Do you think we have a case against them, would we be able to get reimbursed all that we've lost? |
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Feeling Mutual
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I sure hope so.
Beneficial is infamous for this type of thing. |
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Spock (rhp)
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you have already done the 1st step, which is to search for an attorney to take your case and sue.
you also have the right to complain to the state licensing board for mortgage brokers and the state regulatory board for financial institutions. if the firm you complain of is regulated by a different agency, they will tell you of this [and, hopefully, give you the name and number of who to complain to].
In addition, the state's attorney for your mother's area may be interested in the case. He has the right to file suit against this firm and these people for mortgage fraud if, in his opinion, there is a reasonable case he can prosecute. Again, if the US Attorney is the correct official, they will tell you.
it may also be necessary or desirable to file a police complaint alleging mortgage fraud. Your mother's local police are the place to begin -- they will direct you if you need to be filing with a different agency.
If your mother is elderly, there may be a state or local commission on aging and/or elder abuse which may also be interested. Please consult local resources where your mother lives.
On top of that, numerous newspapers and television stations may be interested in hearing your mother's case for inclusion in a feature on this sort of predation. It is possible that the exposure this will generate may encourage an otherwise reluctant mortgage lender to make a settlement effort [because of the bad publicity] that they would otherwise not make.
GL |
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Mark H
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My question is this, If you had a friend in the mortgage business, why did you not go to him in the first place????
Also, sounds like your parents are in big trouble. You can try to get a lawyer, but by the time it takes in court, you will have already lost the house. If you take a case to court, it does not just happen tomorrow. It takes a looooong time!
Also, I honestly don't think they have a leg to stand on in court. She signed the papers. You should NEVER sign anything if you don't know what you are signing! |
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robert w
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sorry for ur mom.
Unfortunatly for ur mom she will need to sell the house to get out of this or find refinancing.
any legal actions taken by u will cost more than refi and take longer than u really have available. do not hold ur breath on reimbursement.
suggest everyone 18 yrs older in house get extra jobs , sell anything of cash value, live on proverty budget and save like there is no tomorrow . SO you have cash to refi with a larger down payment.
visit dave ramsey.com to learn the hard lessons coming ur way. |
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MissyDoo
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you can sue the people |
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src50
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Without all the particulars, who can say? If you have a lawyer looking at it, take his/her advice. |
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Blazing Pen Avenger.
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One hundred percent, yes. Instruct your Solicitor to look at the rules and guidelines in relation to Extortionate Credit Agreements(s) and Extortionate Credit Bargain(s.) In other words; unfair contracts. As well as; did this 'charming' gentleman (the "mortgage broker") advise your Mother to seek and obtain Independent Legal Advice before signing documents? I think (based upon what you say) that (both legally and morally) your Mother has (in the event of commencement of proceedings) more than a realistic prospect of success, and, the lady's 'ordeal' stands, very much, in; the public interest. Hope this helps. |
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Paul C
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It sounds to me like your mom signed up for an option arm. She has the "option" to make 4 different payments. If she makes the lowest payment available to her, she's not paying the entire amount of interest due for the month, so it gets tacked on to the end of the mortgage, so she now owes more on the home than where she originally started. If she makes one of the other 3 payments available to her she can stop the amount owed from growing any larger. And she CAN pay down the mortgage. Unfortunately, the only thing that can be done is for her to refinance into a different mortgage. The problem with that is, she can barely make the payment that doesn't even pay all of the interest per month, so even if her rate would be signigifcantly lower than where she is at right now her payment would go up because the new refinance would have to pay all of the interest and or principal and interest. The loan that she has right now is responsible for a large number of the foreclosures across the country. I would start calling reputable lenders and looking into what could be done to stop the bleeding if anything. I seriously doubt that you have a case in court, the documents that have her signature all over them explain the loan in detail. You're spendign money on a lawyer that she obviously can't afford, hopefully she has enough equity in the home for a mortgage lender to deal with the situation and put her ina loan that she can handle the monthly payment. There is on good thing about this, interest rates are very low right now, that will help with her payment. You can go to this site and check out programs that your mom might qualify for. You can get all of the information that you're looking for without the high pressure from a saleman. |
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Agent319.007
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In this case, you and your mom should fight this and get a lawyer. Otherwise the house will be foreclosed and you will not have a place to stay. |
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Expert Realtor
 |
No one can answer that queston without knowing what your mother signed.
What I can tell you, is ALL LOANS that do not have a "benefit to the borrower" are considered predatory lending.
You need to wait to hear back from the attorney.
My question is this: Where were YOU when she was refinancing the home? |
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