Consumer Fraud - Financial Fraud
Financial fraud concerns lending institutions who often intentionally target the most vulnerable consumers in society.
Sometimes known as "Predatory Lenders," the institutions target minorities, the economically disadvantaged and the uneducated in an effort to garner huge profits. Higher rates of interest, mandated credit insurance products, unecessary up-front fees and large prepayment penalties are some of the characteristics of a Predatory Lender. Additionally, the credit insurance products are often overpriced and are, for all intents and purposes, worthless to the consumer.
A practice known as "flipping," where a borrower is 'flipped' from one loan to another, is another common trait amongst Predatory Lenders. The tactic is quite profitable to the lender and seriously hinders the borrower's ability to eventually pay off the loan.
Another predatory tactic, "packing," involves attatching property, life, or disability insurance products to the loan for no other reason than increased profit.
"Equity stripping" pledges the equity paid into a home to a high-risk separate loan, frequently resulting in the consumers losing their home.
If you or a loved one has sustained financial loss or other damage as a result of financial fraud, call VanDerGinst Law at 1-866-843-7367 or click here for a FREE online case evaluation. Your initial consultation is guaranteed free of charge. During that visit, we will be able to tell you up front what we may be able to do for you, as well as what the attorney fees would be for your case. Our fees are always competitive, so don't hesitate to contact us and learn how we can help.
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