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Brian
Brian asked in Business & FinanceRenting & Real Estate · 6 years ago

Getting mortgage principal reduced after a predatory loan?

A friend has told me that if I had a loan which was once a balloon loan and if I was current in my mortgage I could hire an attorney and have my mortgage principal reduced as I could say that I was a victim of predatory loan practices.

My original and current mortgage company recently plead guilty and paid a fine to the federal government for shady loan practices.

Has anyone heard of this

3 Answers

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  • Steve D
    Lv 7
    6 years ago

    You can always hire an attorney. However, there is no guarantee that you will qualify for the program. Not all balloon loans are predatory nor are all conventional loans. You might start by searching around for an attorney handling a class action suit against your lender and ask if you qualify.

  • Stephen McBride
    Lv 6
    6 years ago

    What you should do is just refinance your mortgage with a different lender that you trust more

  • Slickterp
    Lv 7
    6 years ago

    Just b/c your original lender did something wrong doesn't mean there is anything wrong with your loan.

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