A Blueprint For Predatory Lending Claims Under New York Law

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Early this year the Richmond County Supreme Court issued an important decision for consumers dealing with foreclosure. LaSalle Bank, N.A. v Shearon, 2008 NY Slip Op 28032 [19 Misc 3d 433] January 28, 2008.

The decision is almost a blueprint of the claims that some homeowners can assert for predatory lending where the lender approved excessive financing including points and brokers fees and costs, did inadequate or no due diligence regarding the borrower’s ability to repay the loan, intentionally placed the borrower into a subprime loan, did not provide truth in lending disclosures, forged documents or used coercive tactics.

Here is a very good synopsis of the case by the Kelly Drye law firm.

If you think your mortgage loan may fall into this category please call my office at (212) 764-7250 x 203 and we will schedule a free phone consultation to review your situation.

Scott Lanin, Esq.