anon
Miami,#2Consumer Suggestion
Thu, January 16, 2003
Hello-- Contact HUD (www.hud.gov) immediately, and research your rights under "RESPA" "Truth in Lending" and "Predatory lending". Both mortgage holders--your old one and the one that purchased your loan are required to notify you within specific time frames and give you contact information. You have a right to get this information. There is specific language to use (see HUD website) to get the material in writing and protect your rights. HUD has a toll-free number also, please contact them immediately to help stop your forclosure and protect your rights. Also, research www.naca.com on the internet. It's a national non-profit, they might be able to re-finance your predatory loan. They actually came into existance by taking on a predatory lender and winning (took on Fleet Bank). Now they use that settlement money to work with low and moderate income home buyers and owners. Unfortunately, you might be best served by hiring a lawyer immediately to "cover your a*s" while the wheels of HUD are turning. It takes a while, and in the meantime, you need to protect yourself and your house. Legal expenses are reimbursable in a HUD settlement if they find the mortgage company noncompliant. Good luck!
Debby
Carson City,#3Consumer Suggestion
Thu, January 16, 2003
North Carolina passed some predatory lending laws which may be of assistance. Have you contacted your Attorney General in North Carolina? Also a group called Community Reinvestment Association of North Carolina, Durham, NC (919) 667-1557.