Gil Kerkbashian a Leader in Anti-Predatory Lending Assistance and Counseling

Predatory lending practices leave victims with negative equity, defeated, stripped of self-respect and hope, with their credit and finances ruined.

Chicago (I-Newswire) August 21, 2012 - Gil Kerkbashian works as a mortgage loan officer while making himself available after work hours to help homeowners and homebuyers confront predatory real estate practices. Gil states, "I get hundreds of calls every year from borrowers that were hurt by lenders, real estate folks and settlement providers. Many of these predatory practices originate from well established lenders, real estate firms or closing companies". Says Gil, "Surprizingly or not so suprizingly, there is very little support offered through professional associations or government offices because these organization earn fees from the same industries they are supposed to oversee. Often, these organizations are the last place consumers should go to for help because of 'insiderism' ". It hasn't been easy. Gil said, "Challenging the status quo gets you enemies, that also includes getting the occasional death threat. The effort has to be made because the problems are too common".

Whenever there is low-income homeowners, homebuyers or other groups of individuals who are financially inexperienced, the potential for greedy real estate firms, settlement companies, mortgage companies, mortgage modificaton firms or con-artists exists. While most these companies are not always unethical, there are enough organizations that will give industry a black eye. Predatory lending often leave victims stripped financial and their credit ruined. These firms could be as official looking as the local corner bank with a bad Loan Officer or too aggressive branch manager, or a real estate office hungry for a transaction.

If you are uncertain whether a mortgage action is illegal or actual fraud or a form of predatory lending, then call Gil Kerkbashian.

Steering & Coercing
Are you being forced to use a service provider i.e. Title Company, Insurance Company or Lender that is located within a real estate office? Are you being forced to take a loan program that just doesn't feel right? Have you been given the full suite of home loan disclosures (25-35 pages)?

Excessive Fees
A mortgage can be packaged with excessive fees and/or unnecessary fees. A regular mortgage usually will have LOAN fees below 1% of the total loan amount. A predatory mortgage can have loan fees in excess of 3%. This practice falls within the definition of predatory lending.

Insurance and Other Unnecessary Products
Predators often add insurance or other extra services such as Title Insurance, closing service, bundled realty services and much more.

The sooner homeowners become aware that they have the right to report mortgage fraud and predatory lending the sooner the housing market will rebuild its reputation.

Gil Kerkbashian can be reached through gilkerk.realestateloans.com