California Predatory Lending FAQ
What is predatory lending?
Predatory lending is a legal term used to define the illegal practice of some businesses who loan money. These practices include trying to coerce the borrower into getting a larger loan than they need, not disclosing all the elements of their transaction before it is finished, persistently bothering a borrower to refinance their home to pay other debts and many others.
Any kind of deception or fraudulent behavior that is done by these lending companies constitutes predatory lending. Consumers are protected from such practices by several types of laws.
How serious is predatory lending?
In the US predatory lending has been seen as bilking people out of almost $10 billion a year. Predatory lenders can create situations for people that result in the loss of their homes, businesses, vehicles or other property. In addition, predatory lenders can create financial disasters for people unable to pay their loans off at all.
In some of the most serious cases of predatory lending the elderly or retirees, groups of people unfairly targeted by these businesses, are duped out of their entire retirement savings or their homes that they’ve lived in for decades. People who have saved money their entire lives can have it all disappear in a matter of months.
Because of the high concentration of the elderly and immigrant families who are unfamiliar with the laws of the US the Southern California region has seen a significant rise in predatory lending practices.
I’m thinking of buying a home, how can I protect myself against predatory lenders?
You should always go with a reputable lender, someone who has borrowed from them before may be able to tell you about their experience with them. You should also get multiple quotes from different sources even if the people you are using were recommended from friends and families.
If a loan offer seems too good to be true, it probably is, be careful when signing any paperwork. If you live in the Orange County region of Southern California contact Bisnar & Chase for a free consultation on any predatory lending matter.
If I have been the victim of predatory lending what should I do?
Your best recourse is to protect yourself from further harm by speaking to a professional and experienced California predatory lending lawyer. Bisnar & Chase have years of experience representing clients throughout Southern California, the Central Valley and Orange County against predatory lending.
A successfully won lawsuit against a predatory lender can result in a financial award for you in order to pay all related damages. This includes any money you paid to the company, the loss of your house or job, pain and suffering and many other elements. Lawsuits against predatory lenders are important because they keep companies from harming others in the future.
How much do you cost to hire?
At Bisnar & Chase we offer free, confidential consultations on any potential predatory lending case throughout Southern California.
Most every predatory lending case we handle is done via a contingent fee. This fee is a preset amount of a successfully won award. You only pay us this fee at the end of your case and only if we can win it for you. These fees allow you to hire experienced and professional lawyers as soon as you contact us without worrying about expensive legal fees. The fees are also an incentive to us to ensure that our clients receive the maximum amount due to them. We never have any hidden fees or charges and are always upfront about payment.
