What started out as a simple mortgage refinancing ends up costing the homeowners their house — and tens of thousands of extra dollars.
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Doyle to Sign Legislation Against Predatory Lenders
In response to a disturbing increase in unscrupulous home lending practices and an alarming increase in foreclosures due to these loans, on Thursday morning, April 15, Governor Jim Doyle will sign into law an act designed to protect unwary homeowners from predatory lenders. Predatory loans are designed to strip the homeowner of the equity they have in their home, and generate huge fees for the lender, regardless of the borrower’s ability to pay back the loan…
Don’t Borrow Trouble!
Homeowners: Are you thinking about refinancing your mortgage in order to get cash for home repairs or debt consolidation? Renters: Are you thinking of buying a house? Please BEWARE! There are some lenders out there that will take advantage of you and you could lose your home as a result! These lenders, called “predatory lenders,” are targeting the elderly and low to middle income residents in Milwaukee County.
Metro Milwaukee Fair Housing Council (MMFHC) and Partners Declare, “Don’t Borrow Trouble!”
Predatory lending. It sounds bad. It is bad. And it’s a growing problem in Milwaukee. Predatory loans can come from lenders, brokers, or home improvement contractors. According to a joint HUD/Treasury report to Congress, in involves lending practices that: • engage in deception or fraud • manipulate the borrower through aggressive sales tactics • take unfair advantage of […]
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