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wink2u_sd
Joined: 18 Aug 2007
wink2u_sd's page
Posts: 1
73 Magic Points
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Subject: PREDATORY / LOAN SHARK LENDER
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Sat Aug 18, 2007 4:55 am
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| I want to fiile a lawsuit against a predatory lender and a bank that funded their loanshark loan. Does anyone know if this could be done? |
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Morningstar
Joined: 17 Apr 2007
Morningstar's page
Posts: 601
11 Magic Points
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Sat Aug 18, 2007 11:07 am
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Perhaps you can start by filing a complaint with the FDIC.
You can also try filing with your attorney general.
Only an attorney would be able to tell you if you have a cause of action.
_________________
I don't dream since I quit sleeping |
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CreditGrantor
Joined: 01 Sep 2007
CreditGrantor's page
Posts: 33
2570 Magic Points
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Sat Sep 01, 2007 12:34 am
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You would need to prove "predatory" practice - simply charging a high APR is not of itself considered predatory lending. If you have a strong case, you will be able to go after the lender.
But the bank that loans them money is not responsible for their lending practice, and I don't think you would have much like winning on that ground. That is kind of like suing the gun manufacturers because guns kill people - we have seen those cases lose in court. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498
111 Magic Points
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Subject: loans
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Sat Sep 01, 2007 2:35 am
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| Hi....WINK2U_SD, 'been there, done that', with a loan, that had an EXTREMELY high %. I would saygo by your 'gut feeling'. YOU are the only one who knows, FOR sure, what this bank is doing, because it's YOU in the situation. I hope this makes sense and helps a little. |
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cajunbulldog
Joined: 30 Aug 2007
cajunbulldog's page
Posts: 36
Location: Louisiana
-10 Magic Points
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Sat Sep 01, 2007 10:48 am
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I would start off with a complaint to your state's banking regulatory agency along with the Attorney General.
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Cajunbulldog
Keeping an eye out for consumers. |
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Laura
Joined: 21 Jun 2007
Laura's page
Posts: 1400
34749 Magic Points
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Sat Sep 01, 2007 11:35 am
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File a complaint with the Attorney General. He can inform regarding the legal prospects and possibilities to fight the case.
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Regards,
Laura. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 4007
1224 Magic Points
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Sat Nov 03, 2007 12:01 pm
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| Predatory lending is causing alot of folks to lose their homes around here. They are inflating the value of the home and given a variable rate, so these people are lent more than they would be under a normal circumstance and then lose their homes because they can't afford the payments. I have a friend who is going through this right now, she has a disabled daughter and is disabled herself, it is a shame, she got into this mess after a funeral cost for her mother exceeded her budget. She has had her home for years but did the refinance number and now she is 4 months behind. They tell her she can not move out either, with winter coming she does not want to be put out on the street, she has two children, single mother. Her kids won't have a home, let alone a christmas, this is just an awful situation. She could never afford these payments on her income, they should have never approved this loan. I think the banks should have a check system in place before backing these loans, they loose too because they are lending money over the value of the home and loose out on foreclosure when they attempt to resale. |
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Kaete Westlund
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Subject: Predatory lender
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Wed Sep 24, 2008 9:41 pm
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| loan was allegedly private lender but turned out to be GAP LLC/FCI Financial, loan was 12% interest only at $1700.00 monthly, my proven net income required by them wsa $1900.00, got into difficulty, they would not negotiate or even return emails, calls or letters, or calls from an attorney, messed up a chapter 13 and house was returned to "beneficiary" they want me to buy it back asap for 206K, original loan was 170K, no mortgage payments for 10 months, i was 14 at time of loan and my daughter was required to siogn, but no proof income, she is 100% mentally disabled, lifetime, they never asked for her income |
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