What Are Bank Loans?
A Bank Loan is a loan of money from any bank to a private borrower. Bank loans can involve different types of loans, depending upon the financial institution. Banks offer a variety of loan products for use by individuals and these include:
– Mortgages, home-improvement loans, and property related loans
– Student loans
– Car loans
– Personal loans
– Small business loans
Loans are either presented as a general package by the bank or may be drawn up as a specialized contract or agreement with an individual borrower to meet specific needs.
What Are Common Bank Loan Disputes?
Disputes arise over bank loans due to several different issues, including:
- Underwriting and loan approval
– Loan fraud
– Breach of contract
– Loan modification issues
– Misrepresentation of information provided by either the borrower or the lender.
Failure to repay the loan is a common bank dispute for mortgage loans. A borrower who begins to miss payments usually faces a loan dispute with the issuing bank.
What are Legal Remedies for Bank Loan Disputes?
Depending upon the dispute involved, in cases where the borrower has an issue with the bank, remedies may include:
- Damages for losses caused by a violation
– Professional license revocation
– Renegotiating or re-writing loan terms
Should the borrower be ruled at fault, remedies may include awarding financial damages in favor of the bank, or the placement of a lien on the borrower’s property in order for the bank to obtain title to the borrower’s property in lieu of the unpaid loan payment.
Do I Need a Lawyer When Faced with a Bank Loan Dispute?
Disputes over bank loans can result in criminal violations and serious legal problems. Hiring a Palm Springs banking law firm has numerous benefits for providing competent legal assistance in dealing with loans, credit and other financial issues. Our attorney provides guidance for obtaining a loan as well as negotiating terms. By already having a Palm Springs banking law firm attorney representing you, your lawyer can immediately file a claim or represent you in court matters if you encounter any legal problems.