How Can You Tell If You Have a Predatory Loan?
Tila Solutions Consultants are contacted every hour of every day by homeowners who are trying to understand what a predatory loan is and to determine if their loan is a predatory loan. They feel the need to make sense out of their downward spiraling financial situations that seems to be far beyond any ordinary financial struggles.
They know things are not right. They know their mortgage seems to be too high, but they don’t know if they are the owners of a predatory loan. Knowing if your loan is predatory is a critical first step to being able to gain a foothold over your lender and get real solutions such as a real loan mod.
The best description of a predatory loan is that it is a loan that puts you on the road to foreclosure the moment you signed the documents. You were destined to fail – and sadly the bank knew it, but gave it to you anyway. It is one of the reasons that homeowners feel so betrayed by the banks today. It is one of the key reasons why they feel so untrusting and uncertain of which way to turn. They feel let down and lied to, and now made to suffer for it. When they failed, the government didn’t bail them out, but instead told the banks to while the homeowner footed the bill. But, the government provided no real oversight to ensure the banks cleaned up the mess they made. The homeowner still finds himself left out in the cold, with nowhere to turn. That is why so many come to Tila Solutions for help.
The best way to try and determine if you may have a predatory loan is to look at your own financial situation. Is the loan wiping you out financially? Are your monthly payments, including taxes and insurance consuming more than 31% to 38% of your net income? If it is then there is a very good chance that you have a predatory loan. Keep in mind this is not the only sign. You have to know all the signs.
What will the loan be doing in the future? Do you have an adjustable rate? Is there a balloon payment? Will the escrows in your area continue to go up, and if so, how long can you survive with your current payment? You can’t just look to the current picture.
How high is your interest rate? Were you given a fair and just interest rate, or were you penalized with a higher rate because you were considered too high of a risk?
What happened at the closing? Did you sign the loan you were promised? Were you told that things changed and they couldn’t give you the loan you were originally offered after all? Were you out of time and had to take what they gave you?
This is not a complete list of the areas that help you identify whether or not you have a predatory loan. One thing to keep in mind: Most subprime loans are predatory loans. If you were put into a subprime loan, then there’s a good chance you have a predatory loan.
Did the broker operate in your best interest or his? You may not know, but a Tila Examiner will find out who financially benefitted from that loan! It is important to understand that there are several layers that have to be peeled back to reveal the true impact of a predatory loan.
Tila Solutions receives countless calls and emails from people who have been led to believe there is no way to save their homes. They call Tila because they need help. Real Help – not false hope. Tila is not a loan mod company, they are an audit company. With their forensic loan audits, they help people save their homes and get the loan mods the banks refused to give previously.
Until Tila Solutions conducts the Forensic Loan Review and finds the crimes that the banker is guilty of the homeowner just gets predatory treatment, lies and betrayal from the bank: The homeowner does not make enough money to pay a smaller monthly payment, so the bank refuses to do the loan modification to give them a smaller monthly payment. Of course, the homeowners lose their home to foreclosure trying to keep up on the higher monthly payment.
And that is why people contact Tila Solutions every hour of every day. They need real help and they get it. Tila Solutions comes on the scene and stops, prevents, or stalls foreclosure by revealing the crimes of the bank. Homeowners walk away with loan mods, not penniless and financially destroyed with no place to live.
TILA, RESPA, HOEPA, ECOA. These are the laws that protect borrowers and prevent them from having their lives destroyed through the predatory loans that were passed out by the banks over the past decade.
A Tila Solutions Consultant is available for people by telephone at 1- 307—459—0232. Or you can visit the Tila Solutions website at http://www.tilasolutions.com. Borrowers have so much power and strength when they know their rights and use these laws. Tila Solutions helps them do this.
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