WHAT IS A PREDATORY LOAN?
Although there is no universal or clear-cut definition of a predatory loan, experts do agree that it is the result of misleading and coercive tactics deliberately perpetrated upon unsuspecting homeowners (typically on a home equity loan or mortgage refinance) where excessive interest and costs are assessed and/or the loan is made without regard to the homeowner's true ability to repay, which is a state violation (C.R.S. §38-40-105) and federal violation (HOEPA)!!! 

      These types of loans strip away the equity in your home, lock you into an impossible repayment predicament and after they have drained all of your cash and savings, they converge on you like predators to steal your home.  Hence, the name “predatory lenders”.  The elderly are prime targets for predatory loans.

The State Attorney General’s Office and the District Attorney’s Offices, through their inaction, have allowed this type of conduct to go completely unchecked in the state of Colorado.  But this does not prevent you from fighting on your own to keep your home, so again, sit up and pay attention!

Terms, Interest Rate and Fees are Increased at Closing (bait and switch)    Excessive Fees - Unnecessary Product -  Excessive Kickbacks To Brokers   Mandatory Arbitration  -  Abusive Prepayment Penalties - Loan Flipping    Steering & Targeting 

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