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 nationís
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.
research and other reports 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
For FHA loans. For problems relating
to origination, underwriting, or appraisals contact the FHA Resource Center at
(800) 225-5342 (800-CALLFHA).
Avoiding foreclosure on an FHA loan.
HUD National Servicing Center web page or contact them toll-free at (888)
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.