What To Do When Lenders Discriminate
Unfortunately discrimination in today’s world is not limited to the school yard, your job, or even a public event. For years some consumers have been the victim of lender discrimination, which means they were either denied a loan or given less than favorable terms based on their race, religion, or gender. This type of lending practice is not only frowned upon, but it is against the law. As a borrower, you do have a remedy, and should take action to send a message to the lender that these practices are not tolerated.
One of the biggest purchases most people make is their home, and to do this a mortgage loan is required. A mortgage lender has the following obligations when considering your application for a loan:
- If you are receiving income from a social program, that income must be taken into consideration just the same as income from your job. A lender is not allowed to leave this income out of the calculation, or make a determination based on the fact that you receive public assistance to make ends meet.
- If you decide to disclose that part of the income you will rely upon for repayment of the mortgage loan is spousal or child support, that income must also be given the same weight as your salary.
- If you have a co-signer who is willing to obligate themselves on the loan, the lender owes the same responsibilities to that person as they do to you as the primary applicant.
If you have been denied a loan, or were offered a loan at terms higher than the norm, you should complain to the lender and tell them you believe you have been discriminated against. We can help you make this complaint, and follow it up with legal action if needed. A thorough examination of things like your pay stubs and credit report will be needed, as well as a review of the loan documents. When discrimination is identified, you are entitled to an award of damages for this action and that could include punitive damages for your suffering. Consult with one of our qualified debt relief attorneys today to learn more about lender discrimination and what you can do if you are a victim.
Call a Plantation, Florida debt relief attorney today if you believe you are the victim of lender discrimination. Schedule an appointment to learn more.