Rock Hill & Lancaster Predatory Lending Lawsuits
Tricked Into a Loan You Can’t Afford? Wongly Foreclosed?
Prior to the historic collapse of the U.S. financial system in 2008, lenders appeared to be giving away home loans like candy. Many of these were bad loans from the start, pushing people into mortgages beyond their means. Other homebuyers were victims of outright fraud or misrepresentation in the description of the cost and terms of their loan. The consumer is often tricked into the belief that they can carry the loan on interest only terms or at a low APR.
The result is hundreds of thousands of Americans who are facing foreclosure or who have already lost their homes. The Law Office of F. Craig Wilkerson, Jr. represents homeowners and former owners in predatory lending and/or unconscionable lending litigation.
If you believe you were duped into purchasing a home, that your loan terms are unconsiconable, you did not have an attorney at the closing, or you were targeted for unfair lending practices, contact us today for a free consultation about your rights and legal options. 803-324-7200.
We seek to hold aggressive mortgage brokers, unscrupulous bankers and any conspirators accountable for their shameless and greedy tactics. If we can prove you were intentionally misled — or approved for a loan that no reputable lender would make — the bank or mortgage lender may be forced to pay punitive damages. We can also seek to force the mortgage company to forgive excess interest, restructure the loan to avoid foreclosure, or purchase our client’s property.
Potential predatory lending deceptions and scams are numerous but include:
- Sub-prime mortgages, disproportionately targeted at low-income, minority and elderly buyers
- Excessive interest rates for “high-risk” borrowers
- Artificially priced new homes
- Fraudulent appraisals of existing homes/property
- Financing of excessive or hidden fees, inflating the loan amount
- Non-disclosure of fees and closing costs
- Failure to use an independant lawyer for the closing
These practices have left many homeowners “upside down” on their loans, owing more than the home is worth. With the housing market collapse, they are stuck, unable to pay the mortgage and unable to sell without taking a huge loss. Even worse, they are unable to contact anyone in “authority” with thier bank to discuss finacing options.
Certainly, some homeowners bit off more than they could chew, gambling on increased income or “flipping” their house at a profit as the value rose. But the rules say it is unconscionable for a lender to loan money that a consumer has no reasonable chance to pay back. The Law Office of F. Craig Wilkerson, Jr. represents those who did not realize what they were getting into because of the trickery of mortgage brokers and bankers’ reckless authorization of unsustainable loans.