Locations
Easton/Main Office:
Tel. 508.238.0003
Chatham Office:
Tel. 508.945.1000
Wellfleet Office:
Tel. 508.349.2200
Subprime & Predatory Lending Law
In the past few years, during a period of rising interest rates, mortgage loans were made to borrowers who were considered "high risk" for a variety of reasons. These loans include onerous ARMs with rapidly rising rates, often placed after borrowers thought they were getting a "fixed rate" loan; high interest rate loans, and loans with extraordinarily high closing costs, including high brokers fees. We have discovered that many of these loans were not closed properly, and may have violated state or federal truth in lending laws. If this is the case, we may be able to rescind your loan, or raise a legitimate defense to a foreclosure proceeding. These practices threaten most Americans most prized possession...their home.
At the present time, we are working with a team of experts with the expertise to audit these predatory loans, and are preparing lawsuits, where appropriate, to address these abuses by lenders that prey on innocent victims. if you feel you are the victim of a predatory lender, please contact our office.
On February 21, 2007, the firm successfully obtained Injunctive Relief in the case of Hilchey, et al v. Ameriquest Mortgage Co, Inc, AMC Mortgage Services, Inc, Washington Mutual, Inc. and Scott Pierce; Suffolk CA No: 07-0585-BLS. This is a case seeking statutory and common law damages arising out of the alleged placement of an "exploding" ARM, absent adequate disclosures. Although Mr. Hilchey was not yet in foreclosure, he faced an imminent rate increase from 7.75% (originally 5.75%) to 9.75%, which he would have been unable to afford. Judge Allan van Gestel of the Business Session of the Suffolk Superior Court enjoined any foreclosure proceedings and ordered that the new rate increase not occur."
