Can i sue for predatory lending

The Credit CARD Act of was designed to protect credit card holders from abusive lending practices by card companies and issuers, thus, protecting users against an increase in fees and interest rates, and overly short notifications about changes. The Equal Credit Opportunity Act of was created to prohibit credit discrimination on the basis of sex, marital status, race, color, religion, national origin, age, or because a consumer receives income from a public assistance program. If credit is denied, the law requires that a lender provide a reason for the denial.

The Home Ownership and Equity Protection Act of was created to discourage banks and other financial institutions from predatory lending when funding home equity and mortgage loans. The law requires lenders to provide consumers with certain disclosures to help them better understand the costs of the loan.

Also, there are state laws that address predatory lending, usually by restricting the terms or provisions of certain high-cost loans. Through the Act, consumers are able to file a legal suit against predatory lenders or corporations. On Monday, May 1, , the Supreme Court ruled in favor of the City of Miami, allowing them to file a lawsuit against two banks, Bank of America and Wells Fargo, for discriminatory mortgage lending practices that violated the Fair Housing Act of If you are a victim of predatory lending practices, some steps to get your money back include:.

Being a victim of predatory lending practices can be terrifying. You need to retain a knowledgeable consumer protection attorney immediately to protect your rights. We will assess your case, gather necessary evidence, and compose a strategy to assist in recovering your financial losses. We will fight vigorously on your side to help you recover your money. Predatory lending practices can turn your dream to own a home into a nightmare with exorbitant fees and foreclosure threats.

With locations in Kansas City, Kansas, Kansas City, Missouri, as well as Lincoln, Nebraska, our experienced team of attorneys have the knowledge and insight to fight on your side and pursue the justice you deserve.

Call us today to schedule a free consultation. If you can prove that your lender violated the Truth in Lending Act, you may be able to file a lawsuit. Keep in mind that while the Truth in Lending Act is federal, your state laws also come into play. Check with an attorney before you do anything. You have the right to turn down a loan even after you sign the paperwork. With most loans, you have three days to make up your mind after you sign the documents. And, if your loan closes without that notice, you have three years to rescind the loan agreement.

What this means is that if your lender failed to provide you with proper notification of your rescission rights, you can legally walk away from your obligation. And, if you choose to take them to court, you might even collect damages in predatory lending laws. Take action now to keep your money and your sanity safe fro predatory lending laws.

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Halt Halt. N decided not to appeal to the Supreme Court. Business interests have sought to narrow the scope of the Fair Housing Act in an effort to ward off expensive litigation. In , the Supreme Court ruled in a major Fair Housing Act case from Texas, upholding a broad interpretation of discrimination claims allowed under that law, in a setback to lenders and insurers.

Then, Kennedy joined the liberal justices in the majority. Banks Updated. By Lawrence Hurley 5 Min Read. An auction sign for a property is seen at the front garden of a foreclosed house in Miami Gardens, Florida in this September 15, file photo.