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Investigations

GSP Investigates Home Equity Line of Credit Lenders

Did you have a Home Equity Line of Credit, or HELOC, between 2002 and 2008?   GSP is investigating whether certain banks and finance companies improperly calculated amounts due from borrowers during the repayment period.  Our investigation revealed that certain Home Equity Line of Credit Lenders improperly calculated monthly payments, resulting in borrowers being required to make substantially higher payments than their loan agreements actually required.  Sometimes, those payments were as much as 15 to 20% higher than they should have been.

If you had a Home Equity Line of Credit with a bank or finance company between 2002 and 2008, we are interested in hearing from you.  Based on what we have learned pursuant to our ongoing investigation, we can determine whether you were overcharged by your lender, and whether you have a claim to recover those amounts.  Please contact Paul Scarlato by email at scarlato@lawgsp.com for more information.

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of posting. Visitors may check the most recent version of each brokercheck report at www.finra.org.

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