Subprime Mortgages
Seeger Weiss LLP is investigating claims regarding the sale of subprime mortgages, particularly those with an adjustable rate feature for a class action lawsuit. These loans are deceptively structured to leave borrowers with no practical way of extricating themselves from loans once payments balloon. While foreclosure rates on home loans have risen significantly over the past year, subprime loans are thought to account for the majority of foreclosures.
A number of state attorneys general and federal regulators have initiated investigations against lenders who sold subprime mortgages based on allegations that such mortgage lenders used deceptive tactics in selling these loans. Such tactics include promising a low monthly interest rate, but delivering only low monthly payments based on introductory "teaser" rates. While the interest rate almost immediately and permanently increases, the payments remain set to the "teaser" rate for years and are insufficient to even cover all of the interest payments each month. As a result, borrowers may find themselves having far less equity than when they started ("negative amortization") and unable to refinance of otherwise extricate themselves from the loan without defaulting on the loan.
Contact us regarding Subprime Mortgages; attorney consultations are free.
If you or someone you know purchased a subprime mortgage and you would like to learn more about this situation and your legal rights, please complete the free case evaluation form or call (888) 584-0411.
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