New for Consumers

Release Date: June 2004

HOME LOAN FRAUD

If you're a homeowner looking for a home equity loan to pay down debts or finance home improvements, get the best deal and protect yourself with helpful publications from the Federal Citizen Information Center.

Start with Putting Your Home on the Loan Line is Risky Business from the Department of Housing and Urban Development (HUD) and the Federal Reserve Board. It has tips on finding the best loans, including comparing interest rates, points, fees and penalties. Find out the warning signs of loan fraud, such as suggesting a larger loan than you can realistically pay off, asking you to sign blank forms, or changing the loan rate or terms at the last minute.

When buying or refinancing your home, use tips in Don't Be a Victim of Loan Fraud from HUD to learn more about the tactics that predatory lenders use. If you are being pressured to use a specific lender or encouraged to overstate your income, you may be a victim. Even if you're on a fixed income or have credit issues, you should still apply to local banks or credit unions and compare their rates with other lenders.

Learn more about home loans by ordering the Home Loan Fraud package. This package cost $1.00. There are three easy ways to get your publications:

  • Send your name, address, and a check or money order for $1.00 to Home Loan Fraud, Pueblo, Colorado 81009 .
  • Call toll-free 1 (888) 8 PUEBLO . That's 1 (888) 878-3256 , weekdays 8 a.m. to 8 p.m. Eastern Time and ask for the Home Loan Fraud package. Have your credit card handy.
  • Visit www.pueblo.gsa.gov to read or print out these and hundreds of other federal publications for free.

Get even more information and take advantage of federal online resources at www.FirstGov.gov —your official front door to federal and state government websites.

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  • Please check with Shantae Goodloe if you plan to use this release after September 15, 2004
  • If you would like to receive these releases by e-mail send a request to shantae.goodloe@gsa.gov or call (202) 501-1794.

GSA # 2625

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