HOMEOWNER ALERT!
Each
year, hundreds of New Yorkers lose their homes to foreclosure as a result
of "predatory mortgage lenting." If you own or are in the process
of buying a home, we want you to know about these mortgage scams and how
to protect yourself.
Predatory lenders can be banks or mortgage companies that make loans that
are unfair or discriminatory to the borrower. In some cases, these lenders
work with unscrupulous brokers or home repair contractors, who pressure
homeowners into taking out unaffordable loans. Seniors and lower income
homeowners, as well as inexperienced first-time homebuyers, are often
targeted by predatory lenders.
