You may have been the victim of predatory lending practices, faced challenges with a loan modification, or had some other issues arise in connection with your home mortgage. Whatever the circumstances, if you’ve been wronged by a financial institution, it’s important to seek legal recourse, and such a kind of help can be taken by financial expert Jeremy Schulman.
Many people are not aware of the importance of financial institution litigation. Financial institution litigation is critical for two main reasons. First, it helps to level the playing field between consumers and large financial institutions. Second, it provides a check on the power of financial institutions.
Most people view financial institutions as powerful entities that are too big to fail. While this may be true to some extent, it is also important to remember that these institutions are made up of people. People make mistakes. And when those mistakes cause harm to consumers, it is important to have a way to hold those institutions accountable.
Here are four important reasons to pursue litigation against a financial institution.
The visible reasons.
- Predatory Lending Practices
Predatory lending is any lending practice that takes advantage of a borrower’s lack of understanding about loans and financing. Predatory lenders typically target vulnerable borrowers, such as those with low incomes or poor credit histories. If you believe you’ve been the victim of predatory lending practices, it’s important to seek legal help so that you can get the relief you deserve.
- Loan Modification Issues
If you’re having trouble making your mortgage payments, you may be able to modify your loan to make it more affordable. However, the process of obtaining a loan modification can be complicated and frustrating. If your lender is uncooperative or violates the terms of your modification agreement, you may need to pursue legal action to get the relief you need.
- Improper Mortgage Servicing
Your mortgage loan is supposed to be serviced in accordance with certain industry standards. However, sometimes mortgage servicers don’t follow these standards. This can lead to problems such as incorrect statements being sent to borrowers or payments being misapplied. If you’re facing difficulties with your mortgage servicing, you may need to take legal action to get relief.
- Wrongful Foreclosure
A foreclosure occurs when a borrower fails to make their mortgage payments and the lender repossesses the home. In some cases, however, lenders wrongfully foreclose on homes. This can happen if the borrower isn’t actually in default on their loan or if the foreclosure process isn’t carried out properly. If you’ve been the victim of wrongful foreclosure, you may be entitled to compensation from the lender.
The closing approach.
These are just a few of the many reasons why you might need to pursue financial institution litigation. If you’ve been harmed by a lender or other financial institution, it’s important to seek legal help right away so that you can get the relief you deserve. An experienced attorney will be able to review your case and advise you on whether or not pursuing litigation is right for you.
