PREDATORY LENDING LAWS

Protection for Economically Disadvantaged Borrowers in Florida

In the past, banks and lenders have made loans with consumers that they knew could not afford the terms of the loans, and ruined credit and foreclosures were the common results. Now, Florida’s predatory lending laws protect borrowers and prevent lenders from preying on economically disadvantaged groups of people, most notably minority groups.

At the Miami based Law Office of Dominguez & Associates, we are dedicated to protecting all borrowers, including economically disadvantaged consumers. We serve clients throughout Florida and in the high-foreclosure-rate areas. 

Commonalities between predatory lending laws and the Truth in Lending Act

In order for a borrower to be protected by predatory lending laws, the loan must be a conforming loan which does not exceed a certain amount. In 2008, this amount was $417,000.00. If the loan is for more than this amount, the borrower is not protected by predatory lending laws, but may still be protected under the federal Truth in Lending Act (TILA).

As a Florida borrower and home owner, it is important to know the additional rights you have under state law. Unlike TILA, you will only have to prove that your lender knew or had reason to know that you would not be able to afford your loan amount. Our experienced lawyers can help.

Just as you can rescind your loan if your lender violated the Truth in Lending Act, you can use a violation of predatory lending law as a defense against foreclosure. Our attorneys can also help you sue for economic and non-economic damages and pursue the restoration of your damaged credit.

An important note about predatory lending laws and recovering damages

Predatory lending laws have a two-year statute of limitations for filing a claim for actual damages, while TILA has a one-year limit. No matter what type of violation you uncover in your loan documents or about the tactics of your lender, act quickly.

If you believe your lender violated the predatory lending laws of Florida in giving you a loan, or if you suffered damage due to mortgage fraud, the Law Office of Dominguez & Associates can help.

Contact our firm today to talk with an experienced attorney about actions you can take to protect your home from foreclosure and hold your lender accountable for underhanded practices.


Contact a Foreclosure Defense Lawyer at Dominguez & Associates, P.A.