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| Mortgage Problems? - We Have Your Solutions | ||
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Predatory Lending Since 1995 The Law Offices of David I. Pankin has been protecting the legal rights of consumers. As part of our consumer protection practice we represent victims of predatory lending. Many of these victims have been defrauded by mortgage lenders and brokers, placed in mortgage loans that they can not afford, paid excessive fees and closing costs, and never received proper disclosures regarding the terms of their loan. Unfortunately, many of our clients even faced foreclosure as a result of the predatory lending tactics of the mortgage lender or broker involved in the transaction. Predatory lending is a term that is commonly used to describe the unconscionable lending practices of a mortgage lender or broker. Typically as a result of predatory lending a borrower is placed into an unfair loan with abusive lending terms. |
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Chapter 13 -Personal Debt Reorganization Chapter 13 of the U.S. Bankruptcy Code provides a debtor with an opportunity to pay off its debts through a court approved payment plan. The Chapter 13 procedure allows a debtor to repay some or all of its debts (including past due mortgage payments) over a period of three to five years. Typically, the Chapter 13 debtor possesses the ability to repay some or all of their debt but requires time to do so. The benefit received from filing a Chapter 13 bankruptcy petition is that a debtor can keep all of his or her property (typically their home and car), including those valuable assets, which are not exempt. One of the additional benefits of chapter 13 bankruptcy is interest and late fees do not accrue in a chapter 13 payment plan. A common scenario in which a debtor will utilize the Chapter 13 option is when the debtor is behind on its mortgage payments. Chapter 13 bankruptcy will stop a foreclosure proceeding and give the debtor the right to pay back the past due payments over a period of up to sixty (60) months. As part of the payment plan, a debtor is required to pay back a percentage (or all) of the unsecured debt. Upon the completion of the plan, the debtor will receive a discharge of debts and will be able to keep their property. |
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