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Predatory Lending and Mortgage LawFransen & Molinaro, LLP helps borrowers seeking relief from loans they can not afford. We represent borrowers who have been the victims of predatory lending. Predatory lenders often try to pressure consumers into signing loan agreements they cannot afford or simply are not in the consumers' best interest. Often, through the use of false promises and deceptive sales tactics, borrowers are convinced to sign a loan contract before they have had a chance to review the paperwork and do the math to determine whether they can truly afford the loan. Many homeowners were placed into negative amortization loans or 2/28's adjustable rate mortgages and never knew what they were getting. As of July 1, 2002, California has a law covering "high rate/high fee" loans. The law contains special rules regarding balloon payments, prepayment penalties, the borrower's ability to repay the loan, and many others. It also requires that the loan have a tangible benefit to the consumer. This is very important as many homeowners were duped into refinancing over and over where there was never benefit to the consumer.
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