Citizens tri county. Tri crooks... I very large bank in this very tiny town, has ripped off the wrong guy, due to all the unethical and unlawful lending practices this bank has taken every way i have of earning a living, i am disabled with a great desire to work, and when this bank seen an oppurtunity to capitalize on the disabled, they took full advantage.
This bank destroyed my business by lieing, loan flipping, bait and switch, and many more unlawful practices. Now trying to take my home. Predatory lending has reached near epidemic proportions, robbing millions of americans of the equity in their homes, the lower income families and their dream of owning a home and the disabled of keeping their home, not to mention undermining the economic vitality of our neighborhoods.
The perdatory lending consumer protection act responds to widespread evidence the so-called subprime, or high cost lenders are systematically targeting homeowners with low incomes or dammaged credit histories. These lenders seek to trap borrowers in unafforable debt, strip the equity from their homes and, too often, put the home in foreclosure. Predatory loans tend to have a number of abusive practices in common. Sadly, a few local banks also abuse the system, predatory lenders prey on people who are unfamiliar with bank loans.
Victims of predatory lending are usually low to middle income families, disabled persons. Some of the most frequent unlawful practices in marion county are: approved a loan without considering a persons ability to repay, convince borrowers to refinance very quickly or frequently, (or flip the loan), carry terms that make it difficult for the borrower to refinance later, loan based on equity rather than the borrowers income. Many first time homebuyers in marion county who are not savvy about the lending alternatives available to them, are often shepherded into less disirable mortgages due to the overwhelming pressures and promises of these banks.
Home improvement loans are fast becoming one way for these banks to capitalize on the lower income and disabled families, approving the loan without consideration of that persons abilty to pay, then taking the home through foreclosure when in default.
Another is approval of a home or multiple loans (home and business), and loan flipping... (where borrowers are forced or coaxed into increasing the loan amount and paying more fees) which increases the payment also.
And one more... A loan officer, offers what appears to be a new loan as "bait" to get the customer to "switch" to refinancing an existing loan at added costs.
Or lies completely, where the customer is to believe that the loan is actually a sperate loan, but adds it to the existing mortgage with a higher payment, (loan doctoring).
And when documents are doctored and families are misled, and their homes taken from them, then thrown to the streets, who protects them against the financial tyranny of the banks. The government? An attorney? Only the very few who can afford it, but those who cant, what happens to them? They are victims once again.
Final: the perdators are not the ones walking the streets armed with guns and knives, but with pen and paper, we can be tough on crime, but apparently not on slime. And alot of neighborhoods are wondering which will prevail in marion county-its conscience or its ruthless greed.
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