Predatory Lending Schemes

Some lenders attempt to persuade homeowners to agree to unfair or abusive lending agreements through confusing contracts and ambiguous loan terms. This process, known as predatory lending, causes homeowners to default on their payments and can eventually cause them to face extreme levels of debt or face losing their home or other valuable possessions. Homeowners are then often left wondering where they went wrong and what steps to take next.

If you have been the victim of a predatory lending scheme and are now facing foreclosure on your home, the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. may be able to help. To learn more, contact our offices today by calling 443-546-4608.

Recognizing Predatory Lending

Key features of many predatory lending schemes include:

• Unreasonably high interest rates on the loan. By setting high interest rates, the lender hopes to force the borrower to pay much more in interest fees that he or she ever borrowed initially.
• Loans backed by a form of collateral. Collateral may include a person's home, property, or car. If the borrower cannot keep up with the payments and defaults on the loan, the lender may then claim the collateral property, repossess or foreclose on it, and then collect the profits made from the property's sale or auction.

If you have been a victim of predatory lending, you may want to enlist the help of a Maryland mortgage modification lawyer to try to keep your home or property.

Contact Us

People who have been trapped in a predatory lending scheme may find themselves facing serious negative repercussions such as foreclosures on their homes. At Chaifetz & Coyle, P.C., we are committed to helping homeowners in financial trouble keep their homes. To learn more about our services and your legal rights and options, contact the offices of our Maryland mortgage modification lawyers today by calling 443-546-4608.