What to do if a lender in Florida is charging excessive mortgage and is preventing me to refinance?

The Florida Fair Lending Act (SB 2262) was introduced in February 2002, adopted by the legislature in March, and went into effect on October 2, 2002. The law prohibits predatory tactics on high cost home loans, including charging prepayment penalties for longer than three years, increased interest on loans going into default, extending credit regardless of a borrower’s ability to pay, refinancing a loan during the first 18 months, unless there is a benefit to the borrower, and charging late fees that exceed five percent of the payment. If any of these predatory practices are characteristics of your current loan, you may be the victim of predatory lending. To learn more information about predatory lending practices in Florida, you may visit the Florida State Senate website which details the Florida Fair Lending Act. In addition, please consult with a foreclosure lawyer to learn the proper legal recourse to take for your case of predatory lending.