Fraudulent Creditors
Creditors are in the business of making money by lending to others and then charging interest and fees on the loan. Sometimes creditors resort to illegal practices in order to maximize their profits or reduce their losses. They may unjustly charge borrowers hidden fees or other fees not specified in a lending contract in order to make extra money off of a loan. If you suspect your creditor of fraud, you should speak with a lending fraud attorney about your situation to see if you have a case against the lender.
What is Fraudulent Lending?
Fraudulent lending occurs when a creditor intentionally attempts to deceive a borrower into paying more than he or she owes. It also includes using abusive lending practices that are against the law in order to benefit financially. Some examples of fraudulent lending include:
- Forging or modifying a lending contract without the borrower’s agreement
- Charging excessive fees or interest on a loan
- Changing the due date for a payment or otherwise changing the lending terms without properly modifying the contract
- Charging late fees or other penalties when the contract’s terms have not been violated
Federal and state laws prohibit lending fraud and abusive lending practices, but sometimes creditors commit fraud regardless. If you have lost money because of a fraudulent creditor, you may not be alone. In many instances of lender fraud, many borrowers have been affected by the same abusive actions and can file a lawsuit jointly as a class action case.
Contact Us
If you believe that you have been unfairly taken advantage of by a fraudulent creditor, a lender fraud class action lawyer can help you fight for compensation. Contact Feazell & Tighe, LLP, today at 877-508-0588 to discuss the details of your situation.
