The Area Office on Aging of Northwestern Ohio and the TRIAD Council of Northwest Ohio will host senior safety workshops today and tomorrow. The workshops, which begin at 9 a.m. each day, coincide with the Ohio TRIAD conference and will be held at The Pinnacle, 1772 Indian Wood Circle, Maumee. The events will include sessions on crimes against the elderly, predatory lending and mortgage …
Your Payday Loan News Source Quoted With Edits From: Sessions in Maumee to focus on seniors’ safety (The Toledo Blade)
Ohio is Protecting Their Elderly From Financial Predators
Caution! Is your mortgage lender taking advantage of you?
The predatory lending issues in Ohio have cause TRIAD Council of Northwest Ohio to host safety workshops for seniors. The events will include sessions on crimes against the elderly, predatory lending and mortgage rescue, power of attorney, silver alert for missing elderly people, and protecting your identity.
Much of this comes as a result of the current mortgage crisis. With a number of lenders being charged with predatory lending as well as the escalating number of mortgage defaults as a result of predatory lending. Ohio has stepped up to bat to help their senior citizens to avoid these types of predators and to educate them on the safeguards to implement to avoid being taken advantage of.
Tactics of Predatory Lenders
One of the “tell tell” signs of predatory lending is something called “mandatory arbitration”. Mandatory arbitration prevents borrowers from seeking legal options in court if they discover that their home is being threatened by loans with illegal or abusive terms. This is a big red flag and should be avoided.
Another tactic of predatory lenders is using over zealous sales tactics to pressure consumers into sub prime mortgages for there own benefit. If you feel that you are being pushed into any unreasonable terms, it is strongly advised that you seek help elsewhere. Unlike most predatory lenders, payday loan providers are up front about all terms and conditions of the loan you are obtaining, so the pressure is off and you are able to make a clear decision.
Avoiding Predatory Lenders
Identifying the tactics of predatory lenders is one thing but it’s best to avoid them if possible before you see their tactics at work. This can be accomplished by asking your candidate for referrals or by asking close family and friends for references of lenders they have personally worked with over the years and trust. This will help avoid unnecessary inquiries on your credit report which drops your score and increasing the difficulty in obtaining a loan. If you are in need of a payday loan, most lenders do not require a credit check, thus making it easy to acquire a loan that will not affect your credit.
Avoiding predatory lenders is a really hard task. With so many people providing home loans now, it is really difficult to tell what a good or bad deal is.