What are some common predatory and abusive subprime mortgage lending practices?
Go to Predatory Mortgage Lending Abuses, another document on this web site. I am planning to close on a mortgage loan. What if the loan carries an interest rate higher than what the lender originally promised or includes other terms that are abusive or predatory? What if I have already signed the loan documents? If you see any predatory mortgage lending terms or practices, or if you have any doubts whatsoever, you can always choose not to sign the mortgage papers and walk away from the loan closing. If you have already signed the papers, you may have the right to cancel the mortgage loan within three business days (including Saturdays) of the loan closing. If you cancel within three business days, you must do so in writing before midnight of the third business day. To protect yourself, you should keep a copy of your cancellation, and proof that you mailed the notice within the three-day period. The three-day right to cancel generally applies to most mortgage loans on your residence tha
