Black People : WHAT IS PREDATORY LENDING?

Discussion in 'Black People Open Forum' started by KWABENA, Jul 13, 2005.

  1. KWABENA

    KWABENA STAFF STAFF

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    Hello Family:

    In your own definition, What is Predatory Lending, and What are some examples of Predatory Lending?

    CD (Destee Member trying to learn something new)
     
  2. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    i would believe it's ......plunder or to say warfare disposed or say to exploit others
    for temporary conditions the equivalent as of be returned the factor of predatory

    i could as well be far off or wrong but this what i think and listening for correction
    of thinking ....JMO
     
  3. oceolo

    oceolo Well-Known Member MEMBER

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    Predatory lending is when a mortgage company lends money to someone and purposely appraise the property for more than its worth so the person will have to pay more money for the property and then raise the interest rates slowly over a period of time on the mortgage so the person cant make the payments anymore therefore allowing the mortgage company to foreclose on the property keeping all the money that the person paid on the mortgage up until that point . This scam is usually targeted at the eldery and the poor. This is why you should always consult a lawyer before you sign any contract.
     
  4. PoeticManifesta

    PoeticManifesta Well-Known Member MEMBER

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    random guess..

    Well its sounds to me like somethin that creditors would do to a person that barely meets their qualifications for the purpose of them getting behing in payments, and getting extra fees tacked on for the creditors gain.. or a extremely high intrest rate.


     
  5. oceolo

    oceolo Well-Known Member MEMBER

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    Predatory lending is when a mortgage company lends money to someone and purposely appraise the property for more than its worth so the person will have to pay more money for the property and then raise the interest rates slowly over a period of time on the mortgage so the person after awhile will not be able to make the payments therefore allowing the company to froeclose on the property and keep all the money that the person paid on the mortgage up until that point.This scam is usually targeted at the elderly and the poor.This is why you should always consult a lawyer before you sign any contract.
     
  6. Isaiah

    Isaiah Well-Known Member MEMBER

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    That's IT, Cedric, in a nutshell... Good explanation, brother O!

    Peace!
    Isaiah
     
  7. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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  8. oceolo

    oceolo Well-Known Member MEMBER

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  9. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    everything except uplifting the black community, that is!
     
  10. KWABENA

    KWABENA STAFF STAFF

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    Thank you very much Family!

    CD
     
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