Is My Loan Predatory? : Getting Help

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I think my loan is predatory. What do I do now?

All consumers must submit documentation to be considered for the NHSF. If you are experiencing difficulties in obtaining documentation, we encourage you to seek assistance of your local HUD counseling agency to help prepare your submission to the program. You can find a list of local HUD counseling agencies here.

Step 1: Write us a letter...

We want to hear your story. Why do you think your loan is predatory? Is there documentation of your claims? For example, if you suspect your home's appraisal was inflated, give us a copy of the appraisal and let us know why you think there is a problem.

Step 2: Complete our forms...

The following forms are all in PDF format:
> Consumer Information Form
> Certification & Authorization Form
> Escrow Account Option Form
> Personal Financial Assessment Form

Step 3: What about your mortgage?

• Last mortgage statement and correspondence from lender, if applicable

When you got your loan, you should have gotten copies of all the papers you signed. If you didn't get copies or have lost them, call your lender's customer service line and request them.

We're looking for:

• Note (can be one to six pages; can be also called "Balloon Note," "Adjustable Rate Note" or similar)
• Any riders or addendum to the Note
• HUD1 or settlement statement, which has all your fees on it (usually two pages)
• Truth-In-Lending disclosure (usually one page)
• If your mortgage was ever modified, send a copy of that, too.
• If your mortgage was ever modified or if you are in forbearance, send a copy of the agreement.

For cases involving multiple refinances in a short period of time (flipping), we would want to see the closing papers from all the transactions.

Step 4: Document your other housing expenses...

• Copy of Current Property Tax Bill
• Copy of Current Homeowner's Insurance Policy
• Do you have a Condominium fee, a Homeowner's Association, or pay Ground Rent? Provide verification of those expenses, too.

Step 5: What is your income?
For initial review, we will need:

• The past month's worth of pay stubs, copies of benefit checks or bank statements for other directly deposited income.
• The previous year's W2(s), 1099(s), and/or federal tax returns (with schedules if applicable, e.g. if you are self-employed)

You can send us your information packet either by fax or regular postal mail.

Send your information to NCRC, attention NHSF Team, to either:

fax: 202.628.9802
mailing address:
727 15th St. NW Ste. 900,
Washington, DC 20005
email: NHSFTEAM@ncrc.org
www.yourcreditcounts.com