When Banks Prey upon Unsuspecting Borrowers, They Can Be Held Accountable

Increasingly, Florida lawmakers are looking for ways to crack down on predatory lending in St. Augustine and across the state. Predatory lenders are those institutions that will grant a loan, usually with excessively high interest rates, to individuals without the assurance that the individual has any reasonable means of paying the loan back. Now, laws are requiring lending institutions to make a good-faith effort to ascertain that the borrower will actually have the possibility of paying back the loan.

Inasmuch as this sounds like good news for borrowers who will no longer be faced with foreclosure notices and the like, the move is also an attempt to protect the financial industry since so many predatory lending institutions were contributing to an environment that encouraged constant litigation. That is, it had gotten to the point where almost anyone who could not make mortgage or other loan payments was immediately making accusations of predatory lending in an attempt to stave off foreclosure or repossession.

With some of the new legislation, both borrowers and forthright lenders will be protected, while those lenders who are truly trying to bilk borrowers in St. Augustine through predatory lending practices will be held accountable. That having been said, if you have already been the victim of predatory lending, recourse is still available to you through the legal system. If you believe that you have been subjected to unfair or predatory lending practices, it is important that you consult with a legal team who has experience in holding such lenders accountable for their actions and providing you with the legal counsel and representation that you will need to build a strong and solid foreclosure defense.

When you arrange for an initial consultation, your legal team will review your case to ascertain whether or not you truly have been subjected to predatory lending practices. If you have, your team has the experience necessary to call the lender to account. If not, it may still be possible to build a foreclosure defense based on other aspects of your situation such as whether or not all of the terms of your loan were fully disclosed to you or if the bank has engaged in unfair debt collection procedures.

Whatever the circumstances in your case, it is important to remember that predatory lending in St. Augustine and throughout the state is a highly unscrupulous tactic for lenders to use in order to have the possibility of foreclosing on appreciated property. If you have fallen prey to such a tactic, do not allow yourself to be further victimized. Contact a debt relief legal services team at once to get the help you need.

If you have been the victim of predatory lending in St. Augustine, Pycraft Legal Services, LLC can help you. For more information, visit them online.