MySecretAgent.com has become aware of a trend that takes advantage of many first time homeowners and senior citizens called predatory lending. Take a moment to educate yourself so you will not become a victim.
Predatory lending is the practice of lenders, mortgage brokers and/or appraisers who use misleading appraisals to make the value of a home seem higher then it really is. There are many strategies lenders may use such as:
- Promote buyers to lie about their income to get a loan
- Lenders purposely giving out more money then a borrower can afford
- Steering- charge high intrest rates based on their race, color or national origin and not on their credit history
- Charge fees for unnecessary products or services
- Influence borrowers to accept high risk loans
- Convince homeowners to refinance over and over when there is no benefit to the borrower