Is the following information in violation of Predator Lending Law?

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Is the following information in violation of Predator Lending Law?

Home Loan-Interest rate of 1st loan-6.50% 2nd-Loan Rate is 13.75% a friend told me this is in violation of the Predator Lending Law I would like to read it for myself. Where can I find this information?

Asked on May 11, 2009 under Real Estate Law, Florida

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 14 years ago | Contributor

Not necesarily that simple.  Depends on the type of loans, your credit history, house worth, etc. Not all states of predatory lending laws.  Consult with the Florida Office of Financial Regulation. Try Consumer Resources and also file a complaint.  This will usually involve a specific timeline of processing, wherein Florida Office of Financial Regulation will process your complaint, sending to to the entity about which you are complaining, then wait for a response, and then the office of financial regulation will review and evaluate for compliance. 


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