foreclosure property. http://www.eforeclosures.com/ Foreclosure

Foreclosure related information and links Real Estate Web Directory | 10 Best | Add URL | Acc Login | Link To Us | Advertise | Surveys | Articles | Branding | Affiliate | Calculator | | Home :: Real Estate :: Foreclosures Search Help Any Term All Terms Search Entire Directory This Category Only Within your results Home Financing Attorneys Banks Books and Videos Credit Unions Escrow FHA Guides and Directories Home Refinancing Mortgage Brokers Mortgage Calculators Mortgage Rates/Quotes Mortgages Property Insurance Software Title Insurance Home Furnishings Appliances Flooring Furniture Home Decor Household Items Kitchens Software Window Coverings Home Improvements Building Supplies Contractors Do-It-Yourself Electrical Floor Coverings Guides and Directories Home Decor Home Restoration Home Safety Insulation and Heating Kitchen and Bath Landscaping Plans/Designs Plumbing Redecorating Repair and Remodeling Roofing Software Tools Real Estate Books and Videos FSBO Foreclosures Guides and Directories Home Inspections Moving and Storage Property Appraisals Realtor/Appraiser Resources Realtors/Listings Relocation Renting/Leasing Time Share Vacation Property Sponsor Matches [an error occurred while processing this directive] End Categories... Results 1 - 10 of at least 31 Shark Bait Foreclosure Buyers Software Shark Bait is the #1 foreclosure buyers software system that seeks out equity. Find the real foreclosure deals! The only thing worse than not using Shark Bait, is bidding against someone who does! http://www.digitaldeal.com Residential foreclosures in Georgia Foreclosure Properties in Georgia. Foreclosures Below Appraisal Value. Georgia Homes. Low Prices! http://www.foreclosuresgeorgia.com/ Atlanta Real Estate Foreclosures Real estate foreclosure and repossessed (REO) properties by Re/Max broker, Marc Oppenheimer. Our bank foreclosures sell, on average, in 90 days or less in metro Atlanta. http://www.reoatlanta.com Cornerstone Property Solutions, LLC. We Buy and Sell Homes! We are NOT Realtors or Brokers. We are an Indianapolis based real estate investment company that specializes in helping Buyers & Sellers. http://www.fast.ezhomebuyer.com Foreclosures of Washington State eForeclosures.com (1-800-530-RENS) provides daily listings of foreclosures, defaults, forfeitures, Lis Pendens, and will help you through the process of buying foreclosure property. http://www.eforeclosures.com/ Foreclosure Property Government Foreclosures Real Estate Foreclosure4Sale.com offers most comprehensive foreclosure listing. Suitable for home buyers and realtors. Save in forclosure properties from banks, mortgage companies. http://www.foreclosure4sale.com ForeclosureClub.com The Foreclosurepreneur online meeting place. Lots of free info on the Foreclosure purchasing process. No cost membership! http://www.ForeclosureClub.com FORECLOSURES USA We list bank and government foreclosures starting as low as $10,000 across the United States for investors worldwide. Single-family homes, condominiums and multi-family foreclosures are our specialty. http://www.foreclosuresusa.net Foreclosure Home Listings Search for foreclosures properties in the United States and surrounding territories. Also find information and articles about purchasing a home or commercial foreclosure property listings. http://www.foreclosure-homes-search.com Buying a Home Foreclosures for Instant Profit Buying a home foreclosures makes you generate quick profit. Step-by-step process for quick cash. http://www.buying-a-home-foreclosures.com Page [1] [2] [3] [4] About Us | Contact Us | Privacy | Terms Of Use | Guidelines | SiteMap | HomeResearcher.com 2004 all rights reserved

home equity loan? How

Home equity brochure Office of Consumer Credit Commissioner Home Equity Loans in Texas: Frequently Asked Questions Printer-friendly PDF version What is a home equity loan? How much can I borrow? Why can't I borrow against more than 80% of the home's value? How are home equity loan interest rates determined? What other costs are involved? What if I feel a lender has overcharged me on closing costs? Are there different kinds of home equity loans? Can I set up a line of credit with my home equity? How can I use the money? What if I change my mind? How many home equity loans can I have? Why do I have to wait a year to refinance a home equity loan? Could a lender foreclose on my home if I'm late paying on a car loan or a credit card? What else should I know? What are some other helpful resources? Top of Page What is a home equity loan? A home equity loan is a financial product that allows a borrower to use the market value of a home as collateral for a loan. Loans secured by real estate generally are considered safer by lenders, resulting in lower interest rates than for other types of loans. Equity is easily calculated by subtracting the amount owed on the home from the current market value. For example, if a house with a market value of $100,000 has an outstanding mortgage of $30,000, the homeowner has equity of $70,000. If there were no mortgage or other type of lien on the house, the homeowner would have $100,000 in equity. Top of Page How much can I borrow? Through home equity loans, Texans can borrow money using up to 80% of the value of their homes as collateral. Consider the example of a home valued at $100,000 with an outstanding mortgage debt of $30,000 and $70,000 worth of equity. Because homeowners are limited to borrowing no more than 80% of the home's value, the homeowner would simply calculate 80% of $100,000 ($80,000) and then subtract $30,000 to arrive at a maximum loan amount of $50,000. Total mortgage debt, including the amount of any existing mortgages plus the projected home equity lien, cannot exceed 80% of the home's current fair market value. Homeowners with 20% or less equity in their homes are not eligible for home equity loans. Top of Page Why can't I borrow against more than 80% of the home's value? Texans voted to limit the loan amount to 80% to help prevent overextensions of credit and protect our economy during times of economic slowdown. Top of Page How are home equity loan interest rates determined? Market competition and conditions determine the rates in general; the borrower's own credit history will further affect the rate offered. Home equity loans usually have lower interest rates than do other types of consumer loans, such as loans secured by personal property or loans secured simply by a borrower's signature (unsecured loans). First mortgages (the primary loan on a house) generally have the lowest interest rates. As with any financial arrangement, you should shop around to find the best deal. In the Consumer Assistance section of our Web site are links to some handy online calculators that will help you compare loan programs. Top of Page What other costs are involved? Lenders can charge certain fees, usually called closing costs, in addition to interest. On a home equity loan, closing costs cannot exceed three percent (3%) of the principal amount borrowed. Prepaid interest, also known as points, is not subject to the 3% cap. Top of Page What if I feel a lender has overcharged me on closing costs? As a savvy consumer, you should always carefully examine a loan agreement before signing it. Have the lender thoroughly explain the contract's fee structure; you'll discover that any points you've purchased are not considered part of the fee amount subject to the three percent limitation. If a lender has overcharged you, you must give the lender a chance to correct the mistake (called curing the loan) before you can take legal action against them. You need to send a written request to the lender specifying the error so that the lender can issue a corrected loan agreement and refund any amounts due. For more information on this process, contact our Consumer Helpline at 800.538.1579 or send your questions to us via e-mail . Top of Page Are there different kinds of home equity loans? No, but a home equity loan can hold either first lien or junior lien (often called second) position. If you own your home outright and take out a home equity loan, it will be considered a first mortgage because it is first in line to receive payment if the home is sold or a borrower defaults. If you refinance an existing first mortgage, and pledge some of your equity to receive cash in hand, you will still have just one-but larger-first mortgage. In this loan, generally called a cash out re-fi, the dollar difference between the original mortgage and the refinanced mortgage is the home equity loan amount. A secondary mortgage is a loan secured by a house that already has at least one other mortgage or lien. Taking out a home equity loan in addition to a first mortgage places a second lien against the home. The law prohibits a homeowner from having more than one home equity loan at a time, although a homeowner may have secondary liens from other sources, such as a home improvement loan or a tax lien. Top of Page Can I set up a line of credit with my home equity? As of September 2003, Texans can establish lines of credit using up to 50% of the value of their homes as collateral (as opposed to the 80% allowed on standard loans). Top of Page How can I use the money? However you choose. There are no legal restrictions regarding how you use your loan proceeds. Top of Page What if I change my mind? The law requires a 12-day waiting period from the time an application is taken AND a legally mandated written consumer rights notice is given to the borrower. For example, if a potential borrower submits an application on Monday, but doesn't receive a copy of the consumer rights notice until Wednesday, then the 12-day countdown would begin on Wednesday. The 12-day period is measured in calendar days (rather than business days) per the Home Equity Commentary issued by this office. Once the waiting period has passed, the loan can be closed. Further, the homeowner or homeowner's spouse may still cancel the loan agreement without penalty within three days after closing. Top of Page How many home equity loans can I have? A borrower may have only one equity loan at a time. Furthermore, it cannot be refinanced more frequently than once a year. Because of this limitation, it is crucial to shop for the best terms among lenders. It is also important, as in any credit transaction, to compare the total costs of a home equity loan to other types of credit available to the consumer. For example, a borrower might not face a prepayment penalty for early payoff of a home equity loan. However, if the loan is paid off early, a home equity loan could end up being more expensive than an unsecured loan with a higher interest rate if you paid closing costs and points. To better determine the best solution to your situation, see the financial calculators in the Consumer Assistance section of our Web site for help crunching the numbers. Top of Page Why do I have to wait a year to refinance a home equity loan? Texas voters placed this provision in the Texas Constitution as a consumer protection. Because closing costs and points are collected each time a mortgage loan is closed, generally it's not a good idea to refinance often. Top of Page Could a lender foreclose on my home if I'm late paying on a car loan or a credit card? On a standard car loan, the car itself is the collateral, and Texas law prohibits using a person's homestead as additional collateral on the same loan. However, if a homeowner decides to take out a home equity loan to pay off credit card debts or buy a car, the home is then collateral for the home equity loan and can be foreclosed on if the homeowner does not make payments on time. Top of Page What else should I know? It's always a sound practice to shop around for a loan, but don't fill out any applications until you've picked the company you definitely want to work with. Filling out too many applications may unduly harm your credit report. Before you sign on the dotted line, find out what kind of experience other consumers have had with your potential lenders. Check out lenders with the Better Business Bureau . The Office of Consumer Credit Commissioner regulates certain home equity lenders and offers a Consumer Helpline for credit-related questions at 800.538.1579. We can let you know about consumer complaints we have on file. To get more information about home equity issues or to request lender complaint files, visit our Consumer Assistance page. Other Helpful Resources Texas Office of the Attorney General Consumer Protection Hotline: 800.252.8011 Federal Trade Commission Consumer Response Center: 877.382.4357 U.S. Dept. of Housing & Urban Development Main number: 202.708.1112 State of Texas / TRAIL (Texas Records and Information Locator) Texas Finance Commission / Department of Information Resources Sunset Advisory Commission / Privacy Policy Open Records Requests En Español

Sell House

Sell House Home Property Online, UK Sell your house / home / property online, advice for UK sellers. Sell Your Home Online With HouseWeb - Sell your house / home / property without an Estate agent. Your online advertisement will include colour photos and a virtual tour. Packages start at £47 and properties are featured on Asserta, Fish4 and many more sites. Guide to Selling Your Home in England, Wales and Northern Island Should I use an Estate Agent? If you choose to market your property yourself, you will need to arrange to value it (many Estate agents offer free valuations, or you could value it yourself if you have a good idea of the current market in your area), negotiate a final price with the buyers, market it and show prospective buyers around your home. Advertising it yourself may include: Making a for sale board and erecting it in your garden. Advertising your home in local newspapers. Advertising it on noticeboards and shop windows in your area. Marketing the property online. Making a brochure describing your house (quite straight forward if you have a computer and a digital camera ). If you have neither the time nor energy to contemplate the above, then you would be better off using a traditional estate agent. However, you can save thousands of pounds in commission by selling your home yourself. How can I make my property more saleable? First impressions can count for a lot when selling a house, so keep in mind the following: Keep the outside neat and tidy. Trim bushes and trees, remove weeds, especially from driveways, and consider adding tubs of flowers or hanging baskets to the front of your property. Try and remove any clutter from the inside of your house. Generally, the less a house has in it and the tidier it is, the larger the rooms appear. Try not to cram small rooms with too many pieces of furniture. Any essential and noticeable repairs should be complete before any viewings take place. Consider whether or not you are prepared to include carpets, curtains in the price of the house, or whether you would sell them separately. What fixtures are included with the house? Generally as a rule of thumb, anything that is physically attached to the house is included as part of the house and must not be removed unless specifically excluded in the contract. Such things would include light switches, fitted kitchen appliances, curtain rails and toilet roll holders. It is adviseable to prepare a list of anything that may be considered a fixture that you are going to remove, to avoid legal problems in the future. I've decided to use an estate agent. How do I choose one? Compare things as: their reputation (if possible), whether they are members of the appropriate professional body eg NAEA (National Association of Estate Agents) and of course the commission rates. These are generally charged at 1%-2.5% of the final selling price, but they can always be negotiated lower, especially on expensive properties. You will need to check if these fees cover all costs, such as advertising, brochures, for sale board etc. Pay attention to the contract you will be agreeing with the agent. Are you agreeing to: A sole agency You can only advertise through one estate agent. You agree to pay the commission to the estate agent if they find the buyer. If you find the buyer yourself (eg through an online service) then you don't pay commission to the estate agent unless you have a contract giving them "sole selling rights" in which case you will have to pay the agent even if you find the buyer yourself. If you are going to advertise the property yourself, make this fact clear to the estate agent and do not agree to sole selling rights with him. A joint agency You employ two or more estate agents who share the commission when the property is sold. Multiple agency You employ two or more agents but the commission is only payable to the one that finds the buyer. Doing your own packing and removals? You can buy cardboard boxes and packing materials online from Cartons Direct . That's The One For Me - Advertise your property online from £19.95 Mouse Price - Their database contains the price paid for any house sold in England and Wales. My Property For Sale - Properties are advertised on Asserta, Propertyfinder.com, Fish4, Channel 4 homes and Sky. House Network - Online estate agents with fee capped at £500. Properties are advertised on the industry leading Rightmove website, in addition to other property websites. Related pages: Lighting | Bedding | Income Tax Preparation | Curtains and Blinds | Home | Home Security Prenuptial Agreements

Investment Property

Australian Investment Properties ... Many of Australias Best - Right Here! Click on the photograph of the property you wish to view. Scroll down to view all of the properties. 250E Luxury apartments due to be completed November 2002: Melbourne CBD, Victoria. Singularly the most centrally located CBD residential property in Melbourne is 250e. Absolute CBD. Right in the heart of the city, it is absolute CBD. There is no other property that can touch it for location and potential investment value. new Arcadia Grove Stage 1 Townhouses and Apartments due to be completed July 2003: East Hawthorn, Victoria. Arcadia Grove offers brand new homes with all features Hawthorn lovers love best. Beautiful garden townhouses and apartments of 1, 2 and 3 bedrooms, are set among leafy streets that lead into a central urban oasis of parkland. Boulevard 610 Luxury apartments due to be completed June 2002: Melbourne, Victoria. From the tranquility of Albert Park Lake to the colour and excitement of St Kilda & Chapel Street, the Boulevard's spectacular location is at the centre of everything. new i.d. Luxury apartments due to be completed October 2003: Port Melbourne, Victoria. i.d. sees the redevelopment of the Joshua Brothers Distillery site in Port Melbourne. The apartments are designed around a courtyard space, with pool and recreation areas and a mix of landscaped surfaces, palms and lush planting. new Pacific International Apartments Melbourne Serviced apartments due to be completed January 2003: Melbourne, Victoria. Overlooking Collins Street and the Yarra, Pacific International Apartments, offers fully furnished and superbly decorated one and two bedroom hotel apartments and hotel suite apartments. Philadelphia Luxury Apartments now completed: Melbourne, Victoria. Located in the residential Golden Mile of Melbourne opposite the beautiful Treasury Gardens. Scala Luxury apartments due to be completed October 2002: Melbourne, Victoria. A sophisticated inner city apartment building, Scala Apartments, Lakeside offer stunning views and an exceptional level of refinement. With 107 apartments, Scala offers you the choice of 1, 2 or 3 bedrooms with some apartments incorporating a study. new Tribeca Luxury apartments due to be completed May 2005: East Melbourne, Victoria. Tribeca East Melbourne will be a development of unsurpassed quality, fusing contemporary architectural design with the existing heritage structures of the Victoria Brewery site. new Westway Apartments Luxury apartments due to be completed October 2003: Maribyrnong, Victoria. Westway offers 67 magnificent luxury style two and three bedroom apartments & townhouses only 5km from the CBD. Close to all amenities such as child care centres, shopping centres, Maribyrnong River, parklands and Universities, Westway is sure to create a lifestyle within its self. new Linc Stage 2 Luxury apartments due to be completed November 2003: Alexandria, New South Wales . Architecturally designed with a choice between live/work apartments, studios, one or two bedroom apartments, Linc is the perfect location for easy living. Ellington Luxury apartments due to be completed August 2002: Tenneriffe, Queensland. Ellington comprises three separate buildings encircling extensive recreation areas and tree lined pedestrian walkways. Set amongst extensive landscaping, incorporating lap pool and barbecue areas, Ellington will provide a green oasis, a tranquil retreat shielding the residents from the hustle and bustle, yet still its just a few minutes from the heart of the action. Last Few Horizons Luxury apartments now completed: New Farm, Queensland. Overlooking the New Farm Park and Brisbane River, Horizons consists of twelve luxury ensuited apartments and two villa, executive residences. The development features a pool and B.B.Q area, north-facing and park views, has lift access to all levels, on-site management and massive entertainment balconies. new Alpha G Luxury apartments due to be completed February 2003: Waterloo, New South Wales. Alpha G is a unique development of 75 space age apartments which will be built on top of a futuristic commercial office space and modern showroom complex. The building features sun shading to the east and west, air conditioning, undercover parking and an entry level cafe. Apex Apartments Luxury apartments due to be completed September 2001: North Sydney, New South Wales. Located centrally in Berry Street North Sydney, Apex offers 77 luxury apartments with security undercover parking, swimming pool and gymnasium. Last Few Balmain Shores Stage 3 Luxury apartments due to be completed December 2002: Iron Cove, New South Wales. Idyllic environment with 340 metres of water frontage in the historic Balmain area, just four kilometres from the Sydney CBD. Balmain Shores Stage 4 Luxury Terraces Apartments due to be completed December 2002: Rozelle, New South Wales. Inspired by the historic architecture of the surrounding area, the final stage of Balmain Shores embraces the convenience and style of terrace living. These boutique buildings are no more than three storeys high and all apartments features balconies. new Garden Square Luxury apartments due to be completed February 2003: Chatswood CBD, New South Wales. Garden Square is a community orientated, environmentally sustainable, new development, occupying a prime position amongst the more traditional red roofed bungalows of Chatswood. An easy walk to Chatswoods many amenities and attractions, Garden Square comes with convenient access to trains, buses, schools and shops. King Street Wharf (Stage 2, North) Luxury Apartments due to be completed June 2002: Darling Harbour, New South Wales. King Street Wharf will be an exciting new waterfront district in Sydney. Formerly wharf 9 and 10 of a former maritime terminal in which Darling Harbour was known as Wharf 8. Stage 2 consists of the construction of twin residential towers (North and South) of Building 3, plus the balance of the waterfrontage retail and strata commercial element, Building 2. King Street Wharf (Stage 2, South) Luxury Apartments due to be completed June 2002: Darling Harbour, New South Wales. King Street Wharf will be an exciting new waterfront district in Sydney. Formerly wharf 9 and 10 of a former maritime terminal in which Darling Harbour was known as Wharf 8. Stage 2 consists of the construction of twin residential towers (North and South) of Building 3, plus the balance of the waterfrontage retail and strata commercial element, Building 2. new Linc - Stage 1 Luxury apartments due to be completed May 2003: Alexandria, New South Wales. Architecturally designed with a choice between live/work apartments, studios, one or two bedroom apartments, Linc is the perfect location for easy living. Last Few Linea Luxury apartments due to be completed December 2002: St Leonards, New South Wales. Brand new, contemporary apartments located amidst the vibrancy of St Leonards dynamic lifestyle attractions. Boasting smart design, captivating views and spacious, open living areas, Linea apartments offer the smooth integration of complete comfort and style. new Medina Classic Serviced apartments now completed: Sydney, New South Wales. Medina Classic Martin Place is ideally located in the heart of Sydneys vibrant CBD and shopping precinct, only one block north of Martin Place. The 49 studio and one bedroom apartments all have fully equipped kitchens and laundries. new Nexus Luxury apartments due to be completed July 2003: St Leonards, New South Wales. Rising through the St Leonards skyline, Nexus is an address where life meets style. Located between the transport hub of St Leonards and the cafe society of Crows Nest, convenience meets necessity in this central location. Pacific International Suites Parramatta Serviced apartments now completed: Parramatta, New South Wales. Fully furnished 4.5 star serviced apartments with a thirty year guaranteed return. new Proximity 1 and 2 Luxury apartments due to be completed June 2004: North Arncliffe, New South Wales. Only minutes from the Sydney CBD as well as beaches, parks and waterways, Proximity defines a new standard for contemporary residential communities. Each apartment offers views, space, parking and privacy, with ample room for individual style. new Proximity 3 Luxury apartments due to be completed June 2004: North Arncliffe, New South Wales. Only minutes from the Sydney CBD as well as beaches, parks and waterways, Proximity defines a new standard for contemporary residential communities. Each apartment offers views, space, parking and privacy, with ample room for individual style. new Quadrant Luxury apartments due to be completed July 2003: Broadway, New South Wales. Located only 1 km from Sydney CBD, Quadrant offers residential apartments featuring a blend of heritage and modern architecture. A vibrant central plaza forms the heart of the development, with restaurants and alfresco cafes in landscaped gardens featuring reflection pools. new State Apartments Luxury apartments due to be completed June 2003: Waitara, New South Wales. Located in the upper north shore suburb of Waitara, the State Apartments comprises 102 stylish and spacious one bedroom + study, two bedroom and three bedroom apartments, all featuring secure undercover parking, split system air conditioning and balconies. new Waitara Grand Apartments Luxury apartments due to be completed June 2003: Waitara, New South Wales. The Waitara Grand Apartments offer 136 luxury apartments over two towers in Sydneys upper northern suburb of Waitara. Waitara Grand features public parklands on two sides of the development and provides a private swimming pool, communal courtyard and secure undercover parking. Back to the Australia Financial Services Directory

Home Loan

Home Equity Scams: Borrowers Beware! Home Equity Loans : Borrowers Beware! D o you own your home? If so, it's likely to be your greatest single asset. Unfortunately, if you agree to a loan that's based on the equity you have in your home, you may be putting your most valuable asset at risk. Homeowners-particularly elderly, minority and those with low incomes or poor credit-should be careful when borrowing money based on their home equity. Why? Certain abusive or exploitative lenders target these borrowers, who unwittingly may be putting their home on the line. Abusive lending practices range from equity stripping and loan flipping to hiding loan terms and packing a loan with extra charges. The Federal Trade Commission urges you to be aware of these loan practices to avoid losing your home. The Practices Equity Stripping You need money. You don't have much income coming in each month. You have built up equity in your home. A lender tells you that you could get a loan, even though you know your income is just not enough to keep up with the monthly payments. The lender encourages you to "pad" your income on your application form to help get the loan approved. This lender may be out to steal the equity you have built up in your home. The lender doesn't care if you can't keep up with the monthly payments. As soon as you don't, the lender will foreclose-taking your home and stripping you of the equity you have spent years building. If you take out a loan but don't have enough income to make the monthly payments, you are being set up. You probably will lose your home. Hidden Loan Terms: The Balloon Payment You've fallen behind in your mortgage payments and may face foreclosure. Another lender offers to save you from foreclosure by refinancing your mortgage and lowering your monthly payments. Look carefully at the loan terms. The payments may be lower because the lender is offering a loan on which you repay only the interest each month. At the end of the loan term, the principal-that is, the entire amount that you borrowed-is due in one lump sum called a balloon payment. If you can't make the balloon payment or refinance, you face foreclosure and the loss of your home. Loan Flipping Suppose you've had your mortgage for years. The interest rate is low and the monthly payments fit nicely into your budget, but you could use some extra money. A lender calls to talk about refinancing, and using the availability of extra cash as bait, claims it's time the equity in your home started "working" for you. You agree to refinance your loan. After you've made a few payments on the loan, the lender calls to offer you a bigger loan for, say, a vacation. If you accept the offer, the lender refinances your original loan and then lends you additional money. In this practice-often called "flipping"-the lender charges you high points and fees each time you refinance, and may increase your interest rate as well. If the loan has a prepayment penalty, you will have to pay that penalty each time you take out a new loan. You now have some extra money and a lot more debt, stretched out over a longer time. The extra cash you receive may be less than the additional costs and fees you were charged for the refinancing. And what's worse, you are now paying interest on those extra fees charged in each refinancing. Long story short? With each refinancing, you've increased your debt and probably are paying a very high price for some extra cash. After a while, if you get in over your head and can't pay, you could lose your home. The "Home Improvement" Loan A contractor calls or knocks on your door and offers to install a new roof or remodel your kitchen at a price that sounds reasonable. You tell him you're interested, but can't afford it. He tells you it's no problem-he can arrange financing through a lender he knows. You agree to the project, and the contractor begins work. At some point after the contractor begins, you are asked to sign a lot of papers. The papers may be blank or the lender may rush you to sign before you have time to read what you've been given. The contractor threatens to leave the work on your house unfinished if you don't sign. You sign the papers. Only later, you realize that the papers you signed are a home equity loan. The interest rate, points and fees seem very high. To make matters worse, the work on your home isn't done right or hasn't been completed, and the contractor, who may have been paid by the lender, has little interest in completing the work to your satisfaction. Credit Insurance Packing You've just agreed to a mortgage on terms you think you can afford. At closing, the lender gives you papers to sign that include charges for credit insurance or other "benefits" that you did not ask for and do not want. The lender hopes you don't notice this, and that you just sign the loan papers where you are asked to sign. The lender doesn't explain exactly how much extra money this will cost you each month on your loan. If you do notice, you're afraid that if you ask questions or object, you might not get the loan. The lender may tell you that this insurance comes with the loan, making you think that it comes at no additional cost. Or, if you object, the lender may even tell you that if you want the loan without the insurance, the loan papers will have to be rewritten, that it could take several days, and that the manager may reconsider the loan altogether. If you agree to buy the insurance, you really are paying extra for the loan by buying a product you may not want or need. Mortgage Servicing Abuses After you get a mortgage, you receive a letter from your lender saying that your monthly payments will be higher than you expected. The lender says that your payments include escrow for taxes and insurance even though you arranged to pay those items yourself with the lender's okay. Later, a message from the lender says you are being charged late fees. But you know your payments were on time. Or, you may receive a message saying that you failed to maintain required property insurance and the lender is buying more costly insurance at your expense. Other charges that you don't understand-like legal fees-are added to the amount you owe, increasing your monthly payments or the amount you owe at the end of the loan term. The lender doesn't provide you with an accurate or complete account of these charges. You ask for a payoff statement to refinance with another lender and receive a statement that's inaccurate or incomplete. The lender's actions make it almost impossible to determine how much you've paid or how much you owe. You may pay more than you owe. Signing Over Your Deed If you are having trouble paying your mortgage and the lender has threatened to foreclose and take your home, you may feel desperate. Another "lender" may contact you with an offer to help you find new financing. Before he can help you, he asks you to deed your property to him, claiming that it's a temporary measure to prevent foreclosure. The promised refinancing that would let you save your home never comes through. Once the lender has the deed to your property, he starts to treat it as his own. He may borrow against it (for his benefit, not yours) or even sell it to someone else. Because you don't own the home any more, you won't get any money when the property is sold. The lender will treat you as a tenant and your mortgage payments as rent. If your "rent" payments are late, you can be evicted from your home. Protecting Yourself You can protect yourself against losing your home to inappropriate lending practices. Here's how: Don't: Agree to a home equity loan if you don't have enough income to make the monthly payments. Sign any document you haven't read or any document that has blank spaces to be filled in after you sign. Let anyone pressure you into signing any document. Agree to a loan that includes credit insurance or extra products you don't want. Let the promise of extra cash or lower monthly payments get in the way of your good judgment about whether the cost you will pay for the loan is really worth it. Deed your property to anyone. First consult an attorney, a knowledgeable family member, or someone else you trust. Do: Ask specifically if credit insurance is required as a condition of the loan. If it isn't, and a charge is included in your loan and you don't want the insurance, ask that the charge be removed from the loan documents. If you want the added security of credit insurance, shop around for the best rates. Keep careful records of what you've paid, including billing statements and canceled checks. Challenge any charge you think is inaccurate. Check contractors' references when it is time to have work done in your home. Get more than one estimate. Read all items carefully. If you need an explanation of any terms or conditions, talk to someone you can trust, such as a knowledgeable family member or an attorney. Consider all the costs of financing before you agree to a loan. For More Information The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues , visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel , a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. FEDERAL TRADE COMMISSION FOR THE CONSUMER 1-877-FTC-HELP www.ftc.gov April 1998