As a result, customers do not only loose their houses but they also loose any equity. The Center for Responsible Lending estimates that predatory mortgage lending costs Americans more than $9.1 billion each year.
A predatory loan is not necessarily illegal. It becomes illegal when it involves fraud or deception. (Nationwide Advantage Mortgage Company) Victims of predatory loans frequently do not suspect they became deceived for months. But when they do, it becomes too late to save their houses and their money.
1. A Perspective from Nationwide Advantage Mortgage Company October 2000. (2000). Retrieved July, 23, 2005, from Nationwide Advantage Mortgage Company Web site: http://www.agmc.com/predatory/predatory.shtml