Over the
last several years, our nation has made enormous progress in expanding access
to capital for previously under served borrowers.
Despite this progress, however, too many families are suffering today because
of a growing incidence of abusive practices in a segment of the mortgage lending
market. Predatory mortgage lending practices strip borrowers of home equity and
threaten families with foreclosure, destabilizing the very communities that are
beginning to enjoy the fruits of our nations economic success.
Since the
Spring of 1999, HUD has been actively involved in combating predatory lending
through research, regulation, consumer education and enforcement actions against
lenders, appraisers, real estate brokers, and other companies and individuals
that have victimized homebuyers. Read HUD-Treasury
Joint Report on predatory lending. If
you believe you have been a victim of predatory lending practices there are Federal
agencies that can help. Please refer to the list of agencies below and contact
the organization or agency that you think can help address your specific problem. 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
contact the FHA Resource Center. Avoiding
foreclosure on an FHA loan: Visit the HUD
National Servicing Center web page. 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.
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