You are strapped for cash, perhaps because of medical bills, or your home needs extensive repairs, or maybe the property taxes are overdue and you are looking for a way to take care of these obligations.

People in financial need are being targeted by aggressive and dishonest lenders who promise to help solve all those money worries.

The people who fall for these predatory lenders find themselves further behind financially and sometimes end up losing the very home they were trying to protect.

Predatory lenders promise bargain loans, telling you that your credit history doesn’t matter and that the money is available right away.

You may be tempted with monthly payments that are lower than what you are now paying, but watch out because there may be a large balloon payment at the end of the loan period. Then you may find yourself in the position of having to refinance in order to meet that payment. Of course, the predatory lender charges excessive fees every time you refinance the loan.

If you need to refinance your home, shop around, read all documents, and don’t sign anything you don’t understand.