A Presentation on How to Protect Yourself from a Predatory Loan

1. The Housing Advocates, Inc.’s Home Ownership Assistance Program Sponsored by: Mayor Jane Campbell And Cleveland City Council Copyright © 2003 The Housing Advocates, Inc. All rights reserved.

5. NEVER, EVER SIGN A LOAN DOCUMENT… BEFORE YOU HAVE READ IT!!!!

8. What is A Predatory Loan?

22. Who Can Become A Victim of A Predatory Lender? Anyone Who Owns A Home

25. How You May Come To The Attention Of Predatory Lenders

30. Things To Consider Before You Use Your Home As Collateral For A Loan

36. If You Decide To Use Your Home As Collateral For A Loan • Try Traditional Banks, Credit Unions, etc. • Get Your Credit Score and If Necessary, Seek Credit Counseling • Borrow Only As Much Money As You Need • Demand That Lenders Provide You With All Documents At Least Two Days Before Signing

37. • Talk To Family And Friends Regarding Their Refinance, Second Mortgage or Home Equity Loan Experiences Before Entering Into A Loan • Get References From The Lender And Call The References • Contact the Better Business Bureau and See If The Lender Has A Satisfactory History With The BBB.

40. Overview of Some of The Civil Laws That Provide Some Protection To Borrowers

47. Possible Remedies If You Find Yourself In A Bad Loan

49. • Possible Civil Remedies Under: - Real Estate Settlement Procedures Act (RESPA) - Equal Credit Opportunity Act (ECOA) - Home Solicitation Sales Act (HSSA) -Consumer Sales Practices Act (CSPA)

51. NEVER, EVER SIGN A LOAN DOCUMENT… BEFORE YOU HAVE READ IT!!!!

54. The Housing Advocates, Inc.’s Home Ownership Assistance Program Sponsored by: Mayor Jane Campbell And Cleveland City Council Copyright © 2003 The Housing Advocates, Inc. All rights reserved.