Question:

How to act in case of foreclosure as a result of predatory lending?

Answer:

If you are facing foreclosure and suspect you were deliberately led to it in result of predatory lending practices, you should contact designated federal agencies who could be of great help to you.

Also, obtain information about loan fraud and how not to fall a victim and contact local authorities dealing with mortgage fraud.

For foreclosure issues with FHA loans consider contacting the FHA Resource Center, or HUD National Servicing Center.

The following agencies can be contacted regarding issues of predatory lending practices:

  • Federal Deposit Insurance Corporation, Division of Compliance
  • Comptroller of the Currency, Compliance Management
  • Office of Thrift Supervision, Consumer Affairs Division
  • Federal Trade Commission, Consumer Response Center
  • The Federal Reserve Board, Division of Consumer and Community Affairs
  • National Credit Union Administration (NCUA)
  • Department of Veterans Affairs, Consumer Affairs Service
  • Department of Agriculture, Rural Development/Rural Housing Services

If your lender has threatened to foreclose on your property due to default, locate a HUD counseling agency near you for free, immediate advice.

Additionally, the federal Fair Housing Act and HUD's Office of Fair Housing and Equal Opportunity provide information on how to fight predatory lending based on discrimination.

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