CLS is a nationally-recognized leader in the fight against predatory lending practices. The process of predatory lending involves a lender, or a broker for the lender, encouraging a borrower to take out a loan with excessive fees, hidden costs, and exorbitant interest rates. Often the loan is given so that the borrower can undertake something seemingly – more... advantageous, such as basic home repairs or upkeep. Borrowers who lack the technical and financial savvy of the brokers and lenders often unwittingly enter into unbalanced, unfair relationships and then are unable to keep up with loan payments. Upon default they lose their homes. The victims of predatory lending are frequently older, female, sometimes disabled minorities residing in at-risk low-income communities, where home loss creates more abandoned housing and blight. CLS reviews more predatory lending cases than any other law firm, private or non profit, in the country. CLS attorneys have among the most expertise in the country in dealing with predatory loans and are on the cutting edge of legal developments in this area. CLS provides legal advice and representation to over 200 new clients every year who are facing the loss of their homes due to a predatory loan. Many of the cases are long-term, and in addition to new cases, CLS attorneys work on approximately 700 existing cases. CLS' work preserves hundreds of homes in Philadelphia every year, saving low-income clients from impossibly high loan payments and potential homelessness. While there are other agencies that help homeowners in default, CLS is able to stop foreclosures that no one else can. In addition to preserving individual homes, CLS also leverages our expertise through an advocacy strategy incorporating regulatory and legislative reform at the state and city level to impose greater restrictions on lenders and brokers to stop predatory lending at the source. – less – More from ZoomInfo »
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