Cuevas, Garcia & Torres, P.A.
contact Our Firm Today
Toll free – 877-801-4135

Miami – 305-461-9500

Orlando – 407-992-2251

How do predatory lenders take advantage of people?

With the economy improving in Florida and elsewhere, you are likely to have more borrowing options than in years past. This may be true even if you have gone through a bankruptcy or foreclosure. Given enough time and some good financial habits, you should be able to recover from a foreclosure or bankruptcy sooner than you might think.

Many banks take into account the fact that bankruptcy is relatively common these days, and they are often willing to extend credit. However, it is important to understand that some lenders use the uncertain period after a bankruptcy or foreclosure to prey on vulnerable consumers. You might find yourself in financial trouble if a predatory lender takes advantage of you.

According to the National Association of Consumer Advocates, unscrupulous lenders usually focus on bleeding as much as they can out of customers. They often employ unethical fees or outrageous interest rates. What are some of the other ways you might be victimized by a predatory lender?

Your prospective lender might aggressively try to get you to sign for a subprime mortgage when you might qualify for a standard loan instead. If you repay your loan ahead of schedule, you might face a heavy prepayment penalty. Your broker could make a sizeable bonus from extra fees tacked onto your loan or from unnecessary items you were convinced to include in the contract. Perhaps most disturbingly, you might be prevented from taking a fraudulent or abusive lender to court. Instead, you could be forced to arbitrate your case with an arbitrator who is biased toward the lender.

Knowledge is one of the best defenses you have against being victimized. The content of this blog should serve as general information, but should not be taken as legal advice.

No Comments

Leave a comment
Comment Information
The Florida Bar | 1950 American Bar Association DADE County Bar Association | 1916 Orange County Bar Association Coral Gables Bar Association American Immigration Lawyer Association

Contact Us Today. Call 877-801-4135 or complete this form to schedule a consultation with our legal experts.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Offices Conveniently Located in Miami And Orlando

Miami Dadeland Office
7300 North Kendall Drive
Suite 680
Miami, FL 33156

Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 786-362-7127
Map & Directions

Midtown Miami Office
3401 North Miami Avenue
Suite 209
Miami, FL 33127

Toll Free: 877-801-4135
Phone: 305-461-9500
Fax: 786-362-7127
Map & Directions

Orlando Office
801 North Magnolia Avenue
Suite 221
Orlando, FL 32803

Toll Free: 877-801-4135
Fax: 786-362-7127
Map & Directions

Email This Office