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Fair Lending

Fair Lending

WRO’s Fair Lending Program educates consumers about the dangers of subprime mortgages and other predatory instruments. We also work with residents who hold mortgages with potential predatory lending violations. Our counselors receive, analyze, and take action on mortgage cases that exhibit such unfair lending practices as:
  • Reverse redlining (targeting certain racial or ethnic groups for mortgages they cannot afford);
  • Mortgage rescue scams that are bait and switch schemes;
  • Equity stripping;
  • Unfair fees charged by mortgage distress property consultants;
  • Unfair practices used by mortgage servicers; and
  • Disparate treatment in the marketing and maintenance of bank-owned (REO) properties.

Finally, our counselors assist distressed homeowners who have been the subject of unfair lending practices by working with them to obtain modifications or other resolutions and providing rescue funds when such financial aid is warranted and available. WRO also investigates systemic lending practices that may affect equal access to banking services and the establishment of credit.


The Federal Government Advises: Beware of Foreclosure Rescue Scams

Real Help Is Free!

Foreclosure rescue and mortgage modification scams are a growing problem that could cost you thousands of dollars, or even your home.

Scammers make promises they can’t keep, such as guaranteeing they will “save” your home or lower your mortgage, usually for a fee. They often pretend to have direct contact with your mortgage servicer, which they do not.

Beware of anyone who asks you to pay a fee in exchange for counseling services or the modification of a delinquent loan.

Beware of people who pressure you to sign papers immediately or try to convince you that they can “save” your home if you sign or transfer over the deed to your house.

Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to have your debt forgiven.

Never make a mortgage payment to anyone other than your mortgage company without that company’s approval.

If you think you’ve been scammed, file a complaint today.

This text comes from www.makinghomeaffordable.gov. For more information about the Federal Making Home Affordable® (MHA) Program, see the program website.