Have you been the victim of predatory lending practices? A Pittsburgh bank fraud lawyer at Bordas & Bordas represents the rights of borrowers in lender liability claims. Contact an experienced consumer protection attorney to discuss your lender liability claims.
State and Federal Laws
State and federal laws are designed to protect consumers from the misleading and fraudulent practices of unscrupulous lenders. At Bordas & Bordas, we represent the rights of investors and borrowers throughout Pittsburgh, and pursue violations of laws including:
- Consumer Credit Protection Act
- Truth in Lending Act (TILA)
- Home Ownership and Equity Protection Act (HOEPA)
- Real Estate Settlement Procedures Act (RESPA)
Common Types of Bank Fraud in Pittsburgh
Predatory lending refers to a wide range of practices. Some are clearly illegal. Some are legal practices, intended to manipulate or misuse the situation of the borrower. Predatory lending practices can include:
Asset Based Lending or Equity Stripping
A lender makes a loan based on borrower’s equity in home without regard to the ability to repay. When the borrower is unable to meet the repayment terms, the lender forecloses on the borrower’s home.
Unscrupulous lenders sometimes require a borrower to pay high fees or to purchase single premium insurance and rolling such costs into the principal of the loan. The borrower then must pay interest on the fees over the life of the loan.
This involves inducing a borrower to refinance a loan repeatedly, charging additional points, fees, or even a prepayment fee, each time the loan is refinanced.
Fraud and Deceit
In some cases lenders use outright fraud or deceit to hide the true nature of the loan obligation from an unsuspecting or unsophisticated borrower. Often times, predatory lenders use high-pressure sales tactics or deception to target the elderly, minorities, and those with less education. Our bank fraud attorneys in Pittsburgh are prepared to help you fight back against such malicious practices.
Contact a Pittsburgh Bank Fraud Attorney Today
At Bordas & Bordas, our lender liability practice is committed to protecting borrowers from predatory lending practices by unscrupulous loan officers. If you have questions regarding the legal conduct of your lender, call or contact a Pittsburgh bank fraud lawyer at our firm today.