Freidin Dobrinsky is representing Florida Sub-prime and Adjustable Rate Mortgage Victims

Freidin Dobrinsky is representing Florida Sub-prime and Adjustable Rate Mortgage Victims

During the housing boom in Florida from 2000-2005, many mortgage lenders and brokers used predatory, deceptive and unlawful business practices in advertising and selling Alternative Mortgage Products such as Adjustable Rate Mortgages (ARMs) and Sub-prime Mortgages. These deceptive practices included the following:

1. Offering mortgages that bring significant financial risk to a mortgage buyer without adequately warning the buyer of the risks, potential interest rate resets, and drastic increases in the mortgage payments. Examples of these mortgages include "Interest-Only Loans" and "Payment Option ARMS", where the initial monthly payment of the loan only covers the interest and does not pay down the principle or where the payment amount is a minimum payment that doesn't even cover the interest that accrues. In these types of loans, it is not unusual for the monthly payment amount to double or triple when the introductory rates end, without sufficient warning to the buyer.
   
2. Targeting those buyers who are economically vulnerable to these artificially low interest rates, or who may not have qualified for a conventional mortgage.
   
3. Deceptive advertising or oral misrepresentations focusing specifically on low teaser interest rates without providing adequate information on probably rate increases over the term of the loan.

The law firm of Freidin Dobrinsky is investigating potential predatory, deceptive and unlawful business practices of several Florida mortgage companies who engaged in offering Sub-prime, Adjustable Rate Mortgage (ARM) and Interest-Only Loans.

If you believe that you or one of your family members are a victim and suffered damages as the result of predatory, deceptive and unlawful business practices by a Florida mortgage broker, contact an attorney at Freidin Dobrinsky here or by calling us at 1-866-495-8060. Our attorneys will answer your questions free of charge, and we are here to help.