What is Predatory Lending?

Predatory lending is a term used to describe lending practices that are considered unfair or fraudulent.  If a lender acts in a way that is unethical, deceptive or fraudulent during the loan origination process, the lender may have engaged in predatory lending.  Many homeowners have become trapped in negative amortization loans, adjustable rate mortgages (ARM's), high interest mortgages and balloon payments.

Over recent years, the foreclosure rate in the United States has skyrocketed. While many foreclosures arise from unemployment or poor debt management, other foreclosures can be attributed to predatory lending. In the past, many lenders participated in lending practices that were unfair and that led to borrowers falling behind on their mortgages. The sad fact is that most borrowers will not become aware that they were victimized by lenders until they are financially devastated or facing foreclosure.

Walking Away from Predatory Loans

For homeowners trapped in predatory or toxic loans, walking away may be the best solution.  Mortgage modifications have been a dismal failure.It rarely makes financial sense to continue to pay monthly payments on a home loan with negative equity.  Don't spend your retirement savings or deplete you IRA or 401(k) to keep up payments on an underwater mortgage.   For most Florida homeowners, the best choice is a carefully planned strategic mortgage default.  The Forrest Law Firm's Strategic Default Plan may enable you to escape from a predatory or toxic loan.

Sarasota and Bradenton Strategic Default Lawyer

The Forrest Law Firm has advised and represented thousands of Florida homeowners in strategic mortgage defaults (also called strategic foreclosure) and foreclosure defense.  Take control of your financial future by informing yourself about your options.