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.
What does
a predatory loan look like?
There are many kinds of predatory loans. Some common warning signs are:
- Advertisements claiming: "No credit? Bad credit? No problem!"
- Extremely high interest rates and fees
- Monthly payments that are too high for your income
How can you protect yourself from predatory lenders?
- Turn away aggressive brokers and lenders, especially door-to-door
sales
- Shop around to different banks and mortgage lenders
- Seek help from an experienced lawyer or mortgage counselor
before signing any loan papers
Learn more about predatory lending
The Neighborhood Economic Development Advocacy Project (NEDAP) is a nonprofit
organization that helps fight predatory lending. We are not affiliated with
any banks and do not sell any projets. We provide free workshops and information
to New York City homeowners and community groups. We also provide referrals
to legal services attorneys, mortgage counselors and community groups that
help first-time homebuyers facing foreclosure.
For more information or assistance:
In New York City:
Neighborhood Economic Development Advocacy Project (NEDAP)
www.nedap.org / (212)
680-5100
In Westchester County:
Westchester residential opportunities
www.wroinc.org
White Plains Office: (914) 428-4507
Yonkers Office: (914) 476-5510
Mount Vernon Office: (914) 668-4424 |
