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Idaho Legal Aid Services Fair Lending: Predatory Lending Abuses Brochure.
ILAS Fair Lending Project poster, which identifies some common warning signs of predatory lending, is available for printing and posting at your business.
Two video clips on exapmles of good and poor lending, as well as some common questions and tips related to predatory lending, such as:What is predatory lending?How do I know if I've been a victim?Fair Housing Advice12 Tips to Help You be a Smarter Housing Consumer
Idaho Legal Aid Services Fair Lending Project:
How To File A Complaint Against Your Lender
What is predatory lending?
Predatory lending is the practice of preying on, or taking advantage of, an individual or group of people that may have a difficult time buying or refinancing a home such as people who may be poor, uneducated, elderly, or in a protected class. Under the Fair Housing Act, a protected class is a group of people who share common characteristics and are protected from discrimination on the basis of race, religion, national origin, color, disability, familial status, and gender.
How do I know if I've been a victim?
FHA funds housing counseling agencies throughout the country who can provide information on reverse mortgages.
The Lender List page allows you to lookup lenders using various selection criteria.
Buying or refinancing your home may be one of the most important and complex financial decisions you'll ever make. Many lenders, appraisers, and real estate professionals stand ready to help you get a nice home and a great loan. However, you need to understand the home buying process to be a smart consumer. Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud.
A predatory mortgage is a needlessly expensive home loan that provides no financial benefit to the gorrower in return fo the extra costs. In many cases, homeowners are deceived about the loan's true costs and terms or are pressured into signing loans they cannot afford. Many of these homeowners lose their homes to foreclosure.
Reverse mortgages are becoming popular in America. HUD's Federal Housing Administration (FHA) created one of the first. The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more. You can receive free information about reverse mortgages in general by calling AARP toll free at (800) 209-8085.
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