During the past few years, many unsuspecting Americans were victimized by predatory lenders and fraudulent mortgage individuals and put into situations that have become unmanageable. Michael Calhoun of the Center for Responsible Lending says “Families all over the country continue to lose homes in record numbers, stripping families of their wealth and destroying entire neighborhoods”
Predatory lending and mortgage fraud typically affects senior citizens, lower income and challenged credit borrowers. It forces borrowers to pay exorbitant loan origination/settlement fees, sub-prime or higher interest rates, and in some cases, unreasonable service fees. In short, these practices often result with the borrower being placed into inappropriate loans which, all too often, lead to defaulting or worse still, foreclosure.
There were 1.7 million foreclosures in the US in the first eight months of 2007, and up to 2 million families are expected to lose their homes over the next two years, according to estimates by the Joint Economic Committee.
“All around the country, aid agencies report a tidal wave of foreclosure cases”, says Sarah Gerecke, director of New York City’s Neighborhood Housing Services. She now employs six people full-time to provide mortgage debt counseling, and could use another 12. Two years ago, she had one employee.
In our research for legal resources to help victims of mortgage fraud and predatory lending, we came across a comprehensive, well put together list of mortgage fraud resources by MortgageNewsDaily.com™ that provides information and direct links available nationwide as well as state-by-state.
Report Mortgage Fraud and Identity Theft (Powered by MortgageNewsDaily.com™)
Get the Security of a Fixed Rate Mortgage! (Powered by CommunityAcceptanceMortgage.com™)
Do you think you have been a victim? Tell us your story and help us fight mortgage fraud.
