Houston, TX (PRWEB) September 11, 2008
With mortgage fraud on the rise and news of a "mortgage crisis" reported across the nation, the law firm of Walker & Crawford, PC focuses on better educating the public and assisting those affected by deceptive mortgage practices.
According to a CNNMONEY.com article, sub prime mortgages and home loans given to borrowers with weak credit are at the root of a crisis that has rocked the U.S. economy -- and many of the nation's mortgage lenders are under scrutiny as a result.
In more recent AHN news, California and Illinois are investigating the practice of top lending institutions misleading borrowers into getting risky loans that resulted in foreclosure. Reports of questionable lending practices are growing rampant. These types of reports have prompted the local law firm to take action, launching a public awareness campaign.
"In communities across America, innocent people are losing their homes and investments due to the illegal acts of predatory lenders, appraisers, mortgage brokers and home improvement contractors," stated personal injury attorney Jim Walker.
"We want to help homeowners who have been victimized by these predatory or sub prime mortgage lenders that have not acted within regulatory compliance. Some of these organizations have charged excessive interest rates or loan fees to borrowers and utilized fraudulent and deceptive lending practices," added Walker.
Walker went on to detail some of the fraudulent practices these organizations are using, stating that by persuading an applicant to make false statements on their loan application, including overstating income, employment and source of the down payment, or the failure to disclose the nature and amount of debts -- all constitute deceptive lending practices.
Other practices the attorneys want the public to be aware of when purchasing or refinancing a home include: inflated balloon payments, inflated closing costs, unnecessary credit insurance, exceeding the loan to value, extreme prepayment penalties and kickbacks.
James S. Walker has been a practicing Houston personal injury attorney for over 20 years. The Walker Texas Lawyer firm handles personal injury cases such as catastrophic injuries, workers compensation, construction accidents, brain injuries and much more.
The best defense against illegal lending practices is education. Individuals believing that they have been victim to a predatory lending scheme or mortgage fraud are encouraged to log onto http://www.walkertexaslawyer.com to learn more. Or, call 800.732.2934 for a free consultation.