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Fianantial Quantum Solutions

Fianantial Quantum Solutions

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    Slide Presentation Slide Presentation Presentation Transcript

    • If you think you are a victim of a Predatory Loan it's time to take action!
    •  
      • Did you have to show proof of income to get the loan or did you just ”state your income“?
      • Were you charged high closing costs (points and fees)?
      • Did the terms of the mortgage change to your detriment at the last minute before the closing?
      • Does your loan contain a prepayment penalty?
      • Are all your loan documents filled out and signed?
      • Did you receive copies of all the loan documents at the closing (as opposed to being sent to you later)?
      • Were all loan charges disclosed to you in a clear, conspicuous, and accurate way?
      • UNAFFORDABLE LOAN   - were you put into a mortgage and now your income is not able to pay the monthly loan.  
      • BAIT AND SWITCH – Were you promised a low interest loan but then got a higher rate at closing.
      •  
      • FAILURE TO DISCLOSE LOAN TERMS – Federal and state laws require that creditors disclose the terms of the loan to borrowers, and when those terms are not disclosed or are inaccurately disclosed these laws are in violation.
      • You May Be Entitled To Get All
      • Your Money Back
      •  Deception
      •  Mistake
      •  Misrepresentation
      •  Miscalculation
      •  Fraud
      • Any Of The Above Is A Violation Of
      • The Truth In Lending Act and
      • The Real Estate Settlement Procedures Act
      •  
      • Some things you should know about how a home mortgage works:
      •  Calculation of interest
      •  Right to recession
      •  Appraisal fee
      • Loan origination fee
      •  Yield spread premium
      •  Illegal kickbacks
      •  Federal disclosure requirements
      •  Discount points
      • Switching rates between initial disclosure and closing
      • Prepayment penalties
      • The Truth In Lending Act ("TILA"), and the Real Estate Settlement Procedures Act ("RESPA") are violated daily by lenders and mortgage brokers who wrote the loan documents.     
      • These laws are in place to protect you , the homeowner, but yet are often completely disregarded. Your loan may be unlawful, and you may be entitled to substantial damages.     
      • Many loans (especially those in foreclosure) most likely have violated predatory lending laws.
    •