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How to Avoid Making Mistakes |
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Source: NY Daily News
Tuesday,Oct 2nd, 2007
NEIGHBORHOOD HOUSING Services of New York City, which held Foreclosure awareness Days in all five boroughs over the weekend, has some tips for avoiding predatory lending and foreclosure:
- Have your loan offer reviewed for free by an NHS counselor before committing to a loan.
- Make sure you ca afford the loan. The lender may tell you that you are qualified for a big loan, but you are responsible for the monthly mortgage payment. Can you afford the loan?
- Make sure that you fully understand the loan terms – what the fees are, charges, interest, pre-payment penalties, etc.
- Do not accept the first offer-shop around until you are comfortable and after you have received counseling from NHS or another nonprofit HUD- certified counseling agency.
- Do not go to a one-stop shop.
- Get it all in writing.
- Make sure your broker is registered and the lender is licensed.
- Do not accept telephone or mail solicitations. Be wary of flyers offering special deals.
- Do not sign any document with blank spaces or no date.
- Do not agree to exaggerate your earnings or anything else to qualify for a loan.
- Do not be pressured into a deal.
- If it seems too good to be true, it probably is.
WHERE TO CALL FOR HELP: *Neighborhood Housing Services of New York City, Bronx office: (718) 881-1180 *New York Department of state customer representatives: (518) 474-4429. *Nardin Realty Group’s free Homeowners Help Center: (718) 798-7141. For more information on the internet go to: http://www.dos.state.ny.us/about/predatorylending.htm |