Fearing Foreclosure, Debtors Sue Lenders Over Excessive Mortgages By Martha Neil
A group of struggling borrowers in Miami and Ft. Lauderdale has filed 25 suits in Federal Court. According to the Miami Herald
They have beaten their lender to the courthouse by filing lawsuits that allege the institutions committed fraud and violated federal lending laws by overstating the borrowers’ incomes to qualify them for loans, changing the loan terms just before closing, and failing to disclose the loan costs
Apparently similar lawsuits are being filed by borrowers throughout the United States.
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