Mountlake Terrace WA Attorney

mortgage lendingA Washington mortgage lending attorney Boris Davidovskiy, P.C. represents consumers in connection with claims arising from or related to the origination and terms of mortgage loans, underwriting, appraisals, mortgage brokers, third-party fees, interest rates, and other loan terms. We will work in homeowners favors according to their needs and, if need be, sue mortgage lenders to protect homeowners from predatory lending and mortgage fraud.

Mortgage Lending Litigation

Although not precisely defined in law, predatory lending may include loan transactions achieved through, among other things:

  • aggressive pursuit of loan recipients;
  • targeting of high-risk borrowers who cannot easily obtain or repay loans;
  • misrepresentation of loan terms, charges, and fees and other forms of consumer fraud; and
  • discrimination in loan offerings and terms.

Consumers injured by unfair, deceitful, or otherwise abusive loan practices may file appropriate lawsuits in state or federal court. Federal laws protecting consumers against fraudulent and manipulative lending schemes include:

  • The Truth in Lending Act (TILA), 15 U.S.C. § 1601 et seq.; and
  • The Equal Credit Opportunity Act (ECOA), 15 U.S.C. § 1691 et seq.

State law may also prohibit predatory lending through consumer protection statutes and common law. Predatory lending practices contrary to federal and/or state laws may include:

  • religious, racial, and other prohibited discrimination in offering and acceptance of loans;
  • excessive or hidden charges and fees;
  • excessive interest and pre-payment penalties;
  • balloon payments;
  • knowingly or negligently requiring loan payments borrowers cannot afford;
  • knowingly or negligently granting loans to borrowers who are likely to default;
  • minimum payments that increase rather than decrease principal by failing to cover interest owed (negative amortization);
  • misrepresenting borrowers’ ability to pay on loan applications; and
  • requiring borrowers to forfeit right to sue for fraud or other illegal predatory practices (mandatory arbitration clauses).

Plaintiffs in predatory lending lawsuits may obtain damages and, in some cases, injunctive relief. Courts may order defendants whose loan transactions or practices violate the Truth in Lending Act and/or the Equal Credit Opportunity Act to pay plaintiffs:

  • actual damages in both individual and class actions;
  • punitive damages less than or equal to $10,000 in individual actions;
  • punitive damages less than or equal to one percent (1%) of the defendant’s net worth or $500,000, whichever is smaller, in consumer class actions;
  • attorneys’ fees in both individual and class actions; and
  • equitable relief, where appropriate, in both individual and class actions.

Contact an Attorney in Mountlake Terrace, Washington

If you believe you were victimized by abusive or improper lending procedures or practices, contact us to inquire about strategizing your options.