Buying a home is one of the most exciting and frightening transactions
you can enter into. While it is great to enjoy the benefits of home ownership
and amass a significant asset, it is also accompanied by serious financial
obligations which, if not fulfilled, can be disastrous for you and your
family. For this reason, it is crucial that your mortgage company treat
When initially applying for a home loan, your mortgage broker should not
only disclose all fees and conditions associated with the loan, but also
consider your ability to repay the loan when determining if you qualify.
When mortgage companies fail to act in good faith, you risk foreclosure
and many other serious financial consequences associated with
It is important to be able to identify the signs of
mortgage fraud and other predatory lending practices in order to avoid becoming a victim.
The following 7 questions can help you determine whether a mortgage company
may be misleading you:
- Were you asked to leave signature lines or any other important line-item
blank on a form?
- Did the mortgage broker alter any of the information you entered on your
application or encourage you to include false information on your loan
- Have you noticed an increase in your monthly payments or the total you
owe on your mortgage after refinancing?
- Did you incur any unexpected fees that were not explained to you up-front?
- Are your monthly mortgage payments higher than you expected based on the
initial disclosures on your application?
- Do your mortgage documents indicate that your interest rate calculation
will change to require the payment of “daily interest” if
you make a late payment?
- Are there any penalties associated with pre-payment or refinancing your
Any of these issues may be a sign that you have been the victim of mortgage
fraud. You will need to work with an experienced mortgage fraud attorney
to make sure your rights are protected. Otherwise, the financial repercussions
for you and your family can be devastating.
The attorneys at
Golumb & Honik have handled numerous
class action cases against mortgage lenders or banks who have used
predatory lending practices or committed fraud. We understand the complex nature of these cases, and
we can help you hold dishonest mortgage companies accountable for their actions.