Federal authorities are warning that Illinois has become a hotspot for mortgage fraud, according to Senator Tim Bivins.
As a greater number of banks reject mortgage refinancing during the economic downturn, more homeowners stuck with high mortgage payments and desperate to save their homes have found themselves victims of unethical mortgage brokers.
Senator Bivins said as the practice of predatory mortgage lending escalates in Illinois, educating citizens about predatory lending becomes increasingly important.
Predatory lending is making a loan that the borrower does not need, does not want, or cannot afford. In a predatory loan, the primary benefit of the loan always goes to the lender, not the borrower." /> Skip to Main Content
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