My mother got herself into a situation with a predatory lending loan. Is there a way to go back and fix that?
She ended up owing more on her home after 20 years of paying it off than she did when she purchased it.
Answers | 1
Sorry to hear about this. I would start out by mentioning that although it is an unwanted situation, just because your mother owes more now than when she purchased it, does not mean that there was predatory lending. In fact, all of the new laws from the Dodd-Frank legislation are designed to prevent predatory lending and they have been very successful to the point where predatory lending has been drastically reduced. That said, you may want to have an attorney review the original loan paperwork. If you are looking to get out of the current loan, and there is no evidence of predatory lending, then perhaps refinancing again would be the best alternative (if possible).