Mortgage Fraud Education
Education is Key to Preventing Mortgage
Predatory lending practices baffle borrowers with slick presentations, vague answers, pressure tactics, and promises of easy money. The elderly, those with poor credit, and minorities are often the targets.
The Indiana Mortgage Bankers Association can help. IMBA is committed to helping stop mortgage fraud and predatory lending practices by educating consumers through free educational programs. For example, the Greater Indianapolis chapter (GIMBA) is offering free presentations to neighborhood groups, organizations, businesses, and colleges to give people the tools to stop predatory lending practices.
Members of the Indiana Mortgage Bankers Association who are active in mortgage banking will give the presentations. The presenter will detail proper lending practices, explain key terms, and offer specific suggestions that the consumer can use when shopping for a mortgage loan. The free educational presentation includes a video that illustrates some common predatory lending practices and, more importantly, how consumers can practice good defense against these tactics. Spanish language presentations are available in the Indianapolis area.
To schedule a presentation, call 317-773-7344. Don’t be a victim of predatory lending!
Key Steps to Avoid Fraud
Answers to these kinds of questions should be easily found in the contract and be thoroughly explained to you by the mortgage lender.
Ask for help
A trusted friend or a lending advisor can help. If you feel uneasy working through this process by yourself, by all means, seek out support.