"Borrowers Certificate Form" is a American Lawyer Media form. This is form is a borrowers certificate that is used for the borrowers certification.
Illinois Borrowers Certificate Form
State:
Multi-State
Control #:
US-BC197
Format:
Word;
PDF;
Rich Text
Instant download
Description
Free preview
How to fill out Borrowers Certificate Form?
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FAQ
Predatory lending refers to any unfair practice that benefits the lender and makes it difficult for a borrower to repay debt. The signs of a predatory loan include language like 'guaranteed' approval, an inflated interest rate and hidden fees and tacked-on financial products you didn't ask for.
Report your experience to the Federal Trade Commission. It watches out for predatory lending scams and frauds. Call toll-free 1-877-FTC-HELP (382-4357), Write to Federal Trade Commission, CRC-240, Washington, D.C. 20580.
If You Think You are a Victim of a Predatory Loan? Contact an attorney. Most communities have offices that provide free legal services to individuals with limited income.
The FDIC addresses the problem of predatory lending by taking supervisory action, by encouraging and assisting banks to serve all sectors of their community, and by providing consumers with information to help make informed financial decisions.
Brokers may dupe borrowers into believing that they are acting in the best interests of the borrowers when their real financial loyalties are to the lenders. 230 South Dearborn Street, Suite 3030, Chicago, IL 60604 (312) 960-5633 Call toll-free at 1-877-382-4357 Or visit their website at .
Excessive Fees Loan fees should be no more than 3% of the loan amount, (e.g., $3,000 on a loan of $100,000). Fees over 5% of the loan amount are excessive. Ask your broker or lender to show you an itemization of the loan amount with all fees explained.
All mortgages on residential property are recordable in Cook, Kane, Will and Peoria counties only with a valid certificate of exemption or certificate of compliance, both of which must be generated by the Anti-Predatory Lending Database (?APLD?).
The Title prohibits certain predatory lending tactics that were used frequently during the real estate bubble, and also establishes certain provisions for loan modifications which will help to change and reduce mortgages that are completely out of the borrower's ability to repay.