Many people in the Chicagoland area and throughout the United States who are facing foreclosure have been put in the positions they are in due to lenders who took advantage of their situations. This is especially true for low-income and middle class homeowners who are financially vulnerable. While predatory lending is not always illegal, the result of legal and illegal lending is typically the same: Individuals may lose their homes and companies may profit from it.
Predatory lending can leave unfortunate people without a home, without good credit and without much hope for the future. At the Law Office of Ernest B. Fenton P.C., in Cook County, we have seen firsthand the damage that predatory lending has done to our communities and the people in them. Our lawyers, led by founder and managing partner Ernest B. Fenton, help clients who are faced with tough decisions about their homes due to predatory lending.
Our Attorneys Can Assist You With Loan Modifications and Foreclosure Defense
In many cases, there is a fine line between an ethical and legal transaction and actual fraud. Examples of predatory lending may include:
- Coercing individuals into refinancing when it was not in their best interest
- Offering subprime loans, when refinanced loans could have been prime loans and could have saved homeowners significant amounts of money
- Excessive and/or unnecessary fees, which are easily disguised by lenders
- Insurance and other unnecessary products added to the loan amount
- Abusive and abnormal pre-payment penalties
- Loan flipping
- Mandatory arbitration
There are some federal and Illinois state laws, such as the Truth in Lending Act (TILA), that are being developed or already exist to limit some tactics of predatory lenders. We utilize these laws to fight back against the lender's foreclosure efforts. We are successful because we know how to effectively apply these laws to our clients' cases when filing affirmative defenses and counter-claims. Unfortunately, many homeowners' are not aware that there are defenses to foreclosure. The first step toward successfully defending a foreclosure is talking to an attorney about what options you may have to fight back against predatory lending.
Contact a Cook County Lawyer for Predatory Lending
While a lender may have taken advantage of your situation, we can help you can back on the right path. Send us an e-mail describing your situation or call us at 708-365-8624 or toll free at 800-416-9387 to schedule an appointment with an experienced attorney.
