Predatory Loans
For more than a decade the banks and the US Government have been issuing predatory loans. It is the main contributor reason that you are losing your home today.
You were given a loan that was designed to fail and the banks knew you wouldn’t be able to make your payments. But they gave you the loan anyway.
They told you that it was actually not that bad of a loan, or that you could get out of it in a year or so. They often pushed things to the the final moment on closings and then told you that there was no time to get you a better loan.
A Predatory Loan consumes your financial wealth and stability. It will wipe you out! You did not do this to yourself!
Certain items in your loan documents can alert you to predatory lenders. These include prepayment penalties, excessive fees, yield spread premiums, mandatory arbitration, and any unnecessary products, yet this is not a complete list.
Is Your Loan Predatory?
Did the bank give you an “alt-a” loan?
Do you have an adjustable rate mortgage?
Does your loan have a prepayment penalty?
Did the bank qualify you based upon your gross income?
Maybe you think because you have a 30 year fixed rate note, you don’t have a predatory loan, but many of those are as well!
How Can You Find Out If You Have a Predatory Loan?
- Contact a RockingHam Representative and ask them to conduct an interview with you to see if your loan is showing any signs of predatory lending!
- Get a Forensic Review done on your loan.
- If you have a predatory loan (which most people do) then the forensic review will show it.
Predatory Loans Often Contain Fraud
- Brokers and Loan Officers lied about people’s income.
- Brokers and Bankers added or removed critical information that would have prevented you from being qualified.
- Bait & Switch Loan Tactics were rampant.
Proof of a Predatory Loan Often Saves Your Home
- The bank has all kinds of ammunition to use against you and “justify” their reasons for disapproving you for a loan mod.
- You have none – until you can show the bank that they were the first liars and they were the ones who initially violated the laws that protect you as a borrower.
Rockingham Associates Gives You Ammunition
- With Forensics we show the Bank that you have a predatory loan
- We show the bank where they wronged you
- We use that ammunition to successfully negotiate your modified terms and save your home (or shortsell if that is your goal).
- You keep or shorstell your home, with your dignity restored, your pride returned, your finances in recovery!