Rep. Steve Kirby cracks down on predatory lenders

Picture you’re strapped for cash and this close to losing your home. You try to get the bank to lend you some money, but your credit history is not all that great, so they say no. You’re desperate, so you end up taking out a high-interest loan from a hard-money lender and you sign a contract that they tell you is completely standard. Surprise! You’ve just signed away your home to the lender and you don’t even know it.

You’ve been scammed. Big time.

It happens. In fact, it happens more often than you’d want to know, but if you do want to know, read this Seattle Times story.

To address this issue, Rep. Steve Kirby sponsored HB 1405, which will modify current law to give victims of predatory lenders some much needed protections.

Read the press release on the passage of this and other bills aimed at helping people keep their homes.