Federal law protects consumers from illegal mortgage lending practices. In 2010, as part of the Dodd-Frank Act, the federal government created The Consumer Financial Protection Bureau. The Consumer Financial Protection Bureau was given the task of protecting consumers from predatory lending, and other potentially misleading practices engaged in by banks and other lenders. If you believe that you have been a victim of predatory lending, you can report your concerns to the Consumer Financial Protection Bureau. Complaints can be filed online at: www.consumerfinance.gov.
Predatory Lending and Foreclosure
While predatory lending may be one reason that a person is facing foreclosure, there are other reasons. If you are facing foreclosure because of loss of income, unexpected medical expenses, or your other debts have drained your ability to make your mortgage payments, you may want to consider speaking with a qualified bankruptcy lawyer about your options. Many people would be surprised to know what can be accomplished through bankruptcy. Oftentimes, you can keep your home and car, while still discharging a majority of your debt.
Chapter 7 and Chapter 13 bankruptcy both offer a means of keeping your home and other possessions. Find out more about filing Chapter 7 or Chapter 13 by contacting the Cherney Law Firm.