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A predatory loan is any loan that is not in the best interest of the borrower; this can include excessive fees and interest rates, an inflated appraisal, and many other features. Predatory lenders prey on what their victims don't know or are unwilling to ask. Many victims are senior citizens who have built up a great deal of equity in their homes throughout the years, often stand in danger of foreclosure. BUSP educates clients on common warning signs in order to better help them avoid a predatory loan. Once a person is in a situation where they fear they may have a predatory loan, and have contacted BUSP for assistance, they are referred to a lawyer who has agreed to provide pro-bono work (no-cost) to the project. The client's lawyer determines whether or not the client actually has a predatory loan and if so, the next actions the client should take.
Anti-predatory lending project: Your respect and dignity is our priority.
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