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Warning: Foreclosure Scams
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Foreclosure
Avoidance and Mortgage Assistance
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Highlights
For the first time in more than 30 years, the U.S. Department of
Housing and Urban Development has issued long-anticipated mortgage
reforms that will help consumers to shop for the lowest cost mortgage
and avoid costly and potentially harmful loan offers. HUD will require,
for the first time ever, that lenders and mortgage brokers provide
consumers with a standard Good
Faith Estimate (GFE) that clearly discloses key loan terms and
closing costs. HUD estimates its new regulation will save consumers
nearly $700 at the closing table.
Consumers
RESPA
is about closing costs and settlement procedures. RESPA requires
that consumers receive disclosures at various times in the transaction
and outlaws kickbacks that increase the cost of settlement services.
RESPA is a HUD consumer protection statute designed to help homebuyers
be better shoppers in the home buying process, and is enforced by
HUD.
Industry
Comments and Questions
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