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From Financial Integrity

Mortgage resources

Mortgage loan calculators

Calculation tools rate finder and home value estimator

State-sponsored foreclosure mediation

As the foreclosure crisis has deepened, and in recognition of the poor performance of the voluntary modification programs under HAMP, a number of states have initiated or revitalized programs designed to protect homeowners by offering state-sponsored mediation.

Can mediation actually help? And what is the overall economic impact of modification as opposed to foreclosure? The Center for American Progress addresses these questions in the report Foreclosure Mediation Going Forward.

Mandatory mediation states (foreclosure cannot proceed without mediation): Connecticut, New York, Pennsylvania, and Rhode Island.

Opt-in mediation states (you have to ask for it): Delaware, Hawaii, Illinois, Kentucky, Maine, Michigan, Nevada, New Hampshire, New Jersey, New Mexico, Ohio, Oregon, Washington and Wisconsin.

State foreclosure laws

For comprehensive information regarding each state’s laws regarding foreclosure, there are several resources:

Consumer protections

RESPA: Real Estate Settlement Procedures Act

"RESPA is about closing costs and settlement procedures. RESPA requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks that increase the cost of settlement services. RESPA is a HUD consumer protection statute designed to help homebuyers be better shoppers in the home buying process, and is enforced by HUD."

This HUD site provides videos and other educational materials, updates on mortgage-related laws, borrower's rights, lender responsibilities, and sources of help if you have concerns about how your mortgage is being handled.

FBI mortgage fraud information page

It's can be hard to know where to turn in the overlapping sea of oversight of consumer affairs. The FBI is charged with investigating mortgage fraud, which includes "straw buyer" schemes and fraudulent short sales that defraud consumers indirectly by defrauding lenders. Of more personal interest to homeowners is the investigation of mortgage activities involving deliberately over-valued properties (FBI mortgage fraud poster).

From the Office of the Comptroller of the Currency, which oversees national banks:
consumer tips on mortgage/forclosure rescue scams.

General information on dealing with national banks, including mortgages.

This page was last modified on 19 May 2013, at 01:20. This page has been accessed 18,312 times.