Phoenix Lender Liability Attorney
Business growth and development often require access to lending. Acquiring critical personal resources like homes and vehicles also frequently require that you rely on lender credit. Recognizing that access to credit is so important in our society, our laws carefully regulate the relationship between lenders and borrowers, attempting to make the relationship as transparent, as predictable and as fair as possible.
Yet, not all lending is handled the right way. Despite requirements that lenders make the credit terms and costs clear up front, lenders sometimes fail to warn borrowers of how interest rate calculations will really work, or about hidden fees and charges that will make borrowing much more expensive. When economic difficulties or setbacks strain the borrower’s ability to repay on time or in full, lenders sometimes cut corners on the notice they are required to give the borrower or try to avoid letting the borrower know what rights they have to reinstate or possibly even modify the loan.
Other problems arise when lenders force place insurance against the property of the borrower, sometimes adding exorbitant, unreasonable charges to the loan amount. These, along with undisclosed or unreasonable penalties can make a loan debt that would otherwise be manageable impossible to repay.
Finally, any business or consumer who has been wrongfully declared in default on a loan, or who has had their loan assigned without justification to a special bank department for stricter regulation or collection knows the severe impact such action can have on their credit history and their ability to find other lenders willing to let them borrow funds. Defamation of credit is a serious problem that often requires quick action to repair the borrower’s reputation.
Our Phoenix lender liability attorneys have the type of experience and judgment needed to spot lender violations of statutory and contractual rights and to take the type of quick and proactive steps needed to force compliance and put the lending relationship back on track. We also have the type of skills and expertise in business law needed to help our clients recover damages that have already been suffered as a result of lender wrongdoing.