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Predatory Lending

What Tactics Do Predators Use?

A lender or investor tells you that they are your only chance of getting a loan or owning a home. You should be able to take your time to shop around and compare prices and houses.

The house you are buying costs a lot more than other homes in the neighborhood, but isn't any bigger or better.

You are asked to sign a sales contract or loan documents that are blank or that contain information which is not true.

You are told that the Federal Housing Administration insurance protects you against property defects or loan fraud - it does not.

The cost or loan terms at closing are not what you agreed to.

You are told that refinancing can solve your credit or money problems.

You are told that you can only get a good deal on a home improvement if you finance it with a particular lender.

If a deal to buy, repair or refinance a house sounds to good to be true, it usually is

Housing counselors working at HUD-approved agencies can help you be a smart consumer.  To find a counselor near you, call (800) 569-4287 or go to HUD's housing counselors list online.  (see useful links on this web site)

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