Tuesday, April 12, 2011

HUD's Predatory Lending Info & Materials

The HUD website has some helpful information & materials about predatory lending here, but I will copy & paste them:

Protect yourself from predatory lenders:
For information about loan fraud and advice about preventing it, see Don't Be A Victim of Loan Fraud.

Local information on predatory lending:
Here are some Local Resources by state, that can help you avoid being a victim of predatory lending.

For FHA loans:
For problems relating to origination, underwriting, or appraisals of FHA loans, contact the FHA Resource Center.

Avoiding foreclosure on an FHA loan:
Visit the HUD National Servicing Center web page and have your FHA case number at hand. You will find your case number on the mortgage settlement statement.

Non-FHA mortgage loans:
For complaints concerning practices which include disclosure of interest rates and finance charges (APR), prepayment penalties, credit life insurance, fraud, deception, etc. contact the appropriate agency from this list to complain about the mortgage lender or mortgage broker.

Lender threatening to foreclose or mortgage in default:
HUD funds housing counseling agencies throughout the country. To find a housing counseling agency near you, call toll-free (800) 569-4287 immediately for free guidance or visit the web page.

Settlement Procedures:
(FHA and non-FHA mortgages). Visit the RESPA web page for information on RESPA disclosure requirements such as the Good Faith Estimate, HUD-1 and escrow account statements, and how to file a complaint with your lender concerning the servicing of your loan.

If you are still unsure who can best help you, please let us know.

File a housing discrimination complaint:
Discrimination in mortgage lending is prohibited by the federal Fair Housing Act and HUD's Office of Fair Housing and Equal Opportunity actively enforces those provisions of the law. Learn how the Fair Housing Act can help you fight predatory lending.