Intro to Predatory lending FINANCIAL CODE § 4970

Predatory lending revisited

ACORN member demonstrating against predatory l...
Image via Wikipedia

20 Jan

Image by jferzoco via Flickr

A. INTRODUCTION

Predatory lending has become an insidious financial problem in recent years for thousands of Californians. In any real estate loan, the loan terms and consequences must be adequately disclosed and, more importantly, financially feasible for the borrower. Through “flipping” and “packing,” predatory lenders avoid these two requirements, reaping massive benefits while causing financial ruination for the consumer.

Fortunately for consumers, the California Legislature has recognized the growing problem of predatory lending by adding Division 1.6 to the Financial Code, effective July 1, 2002. This law specifies what constitutes predatory lending and expressly prohibits certain acts. In discussing predatory lending practices in California, this article will demonstrate the potential impact of the new law, and what remedies are now available to those affected by these practices. .

Unknown's avatar

Author: timothymccandless

The Impact—and Your Opportunity As Our Client left the hearing room, he knew this victory was bigger than just The Crossings. Other property owners facing similar issues could now challenge their assessments with greater confidence. The case set a precedent, demonstrating that robust, market-informed evidence could lead to fair property valuations. It had been a battle, but he had proved that the system could be challenged—and that fairness in taxation was worth fighting for. Could You Be Overpaying on Property Taxes? If you own Large apartment complexes or commercial property, you may be paying far more in property taxes than you should. Just like Our Client, you have the right to challenge an unfair assessment and secure the tax savings you deserve. At Lower Property Tax CA, we specialize in helping property owners like you reduce their tax burden. Our expert consultants and appraisal team will analyze your property’s financials, market conditions, and county assessment methodologies to build a strong case for a reduction.We recognize that every client's tax situation is unique. That's why we take the time to understand your specific needs and tailor our services accordingly. You can count on us to provide personalized attention to your tax matters.

Leave a comment