Subprime Mortgages

New York Subprime Mortgage Attorney

The subprime mortgage market has burdened a number of people with loans they can no longer afford, placing their home and credit at risk. The Law Offices of David B. Shaev represents people facing foreclosure, bankruptcy, and other difficulties due to subprime mortgages. While couples and families have been encouraged to borrow more than they can realistically hope to pay back, many elderly Americans and immigrants have been victimized by opportunistic lenders in refinancing schemes as well. Typically, mortgage brokers approach homeowners with all kinds of promises and claims about the huge amount of savings possible under the terms of a new loan. Once a person agrees to refinance their home, they find the financing terms have changed when they arrive at the closing or are provided with an extensive contract they fail to carefully read. If legal questions are raised, the lender usually tells the homeowner they have an attorney next door - a lawyer who works with the mortgage company and is not in actuality an independent, disinterested third party.

If you believe you've been the victim of predatory lending practices, fraud, or false advertising in the subprime mortgage market, contact consumer rights lawyer David B. Shaev today. We provide free consultations in order to review your case and discuss the legal options available to you.

Subprime Lending and Types of Mortgages

While there are a number of variations on kinds of loans in the subprime market, the following kinds or mortgages represent those most often involved in predatory lending practices:

• Variable interest rate loans
• Interest only loans
• 2-year variable, 48-year fixed loan

While many leading banking and mortgage institutions are involved in the subprime market, the following financial institutions may be responsible for your loan:

• Chase Manhattan Bank
• Delta Fund
• American Home
• GMAC
• Wells Fargo

How We can Help You

The options available to you to avoid foreclosure on your home will depend on the terms contained in your loan agreement. While we are prepared to work with investigators regarding predatory lending practices and consumer fraud, Mr. Shaev can help you fight foreclosure through other means as well. Filing for Chapter 13 bankruptcy can help you restructure or get rid of much of your debts so you can then seek damages against your lender. Currently, there are bills pending before Congress that will modify Chapter 13 in order to help homeowners avoid foreclosure. Until then, taking advantage of the protections that exist under Chapter 13 now may be the only option available to you.

Questions? Contact an Experienced Bankruptcy Attorney

As your lawyer, Mr. Shaev discusses your options, prepares all necessary paperwork, and investigates the actions of mortgage brokers and lenders. Even if you have poor credit or have been told by your lender there is nothing you can do to save your home, understanding the legal options available is essential. To schedule a free consultation and learn how we can help you, contact the Law Offices of David B. Shaev today.