Avoid predatory lenders. Getting a loan and buying a home is an intimidating, complicated process - more so if you have bad credit! Unfortunately, some lenders try to take advantage of this. Don't be a victim of mortgage fraud. Never sign any contract that you don't understand. Never sign a contract because your lender is pressuring you to do so. Never let someone convince you to lie on a loan application. Legitimate lenders will be happy to help you understand the terms of your loan completely - after all, it's in their interest for you not to default. Predatory lenders will rush you into an exorbitant loan because they want to get as much money out of you as possible - whether you default or not. The HUD recommends to look for these common-sense warning signs:[10]
- Lenders that tell you they are your "only chance" to get a loan. Good lenders will let you shop around, even if you have bad credit.
- Lenders that ask you to sign a contract that has blank spaces (or untrue information.) If this information is filled in later, you may still be bound to the contract.
- Lenders that tell you that the FHA protects you against property defects or loan fraud. In fact, it does not.
- Lenders that use "high-pressure" sales tactics to push home improvements, etc.
- Lenders that are eager to loan to you because of financial hardships brought on by medical, unemployment, or debt-related problems.
- Homes that cost much more than nearby homes, even though they're not bigger or nicer.
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