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What is a Subprime Loan?

A subprime loan is a particular type of loan which is offered to individuals who do not qualify for prime rate loans. The interest rate is higher on subprime loans because these borrowers’ credit ratings do not allow for a prime rate. Many subprime borrowers are turned away by traditional lenders because of their credit ratings or because of other factors that make them at risk of potentially defaulting on the loan and eventually facing foreclosure.

The high interest rate on subprime loan can translate to tens of thousands of dollars over the term of the mortgage. Some subprime loans have large prepayment penalties or balloon payments which are due at the end of the term. As a result, a subprime borrower may be more likely to face foreclosure. However, a subprime loan may be the only option for a borrower in some situations.

Subprime Loans and Foreclosure in Long Island, New York

The experienced foreclosure defense lawyers at Jacoby and Jacoby are very familiar with helping borrowers with subprime loans that are facing foreclosure. We represent clients throughout all of Long Island, Suffolk and Nassau in New York and use our over 50 years of combined legal experience to help each and every client face a brighter financial future – even in the face of serious situations such as foreclosure.

By evaluating your particular case and determining what can be done to fight foreclosure, our attorneys can help you choose an alternative to foreclosure that is best for your particular situation. Subprime loans can act like traps. You may even have been the victim of predatory lending and are now paying the price. By consulting a Long Island foreclosure lawyer at our firm, you can find out what your options are and can take action in the right direction to successfully resolve this situation.

Contact Jacoby and Jacoby today to discuss your matter with a skilled Long Island foreclosure defense attorney.

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