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| WA State FAIR HOUSING UPDATE: April 2004 |
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by Seattle Office for Civil Rights Last November, the Seattle Office for Civil Rights visited six Seattle-area senior centers across Seattle to talk about predatory mortgage lending. SOCR met with elderly homeowners at the Central Area, Southeast, Wallingford, Greenwood, Northwest and Shoreline Senior Centers to discuss the dangers of dishonest home loans, and to answer people's questions about mortgage issues. "We talked about all the tricks of the trade," said Angela Ceaser, SOCR's predatory lending specialist. "I think people were surprised at how easy it is to be conned into signing a bad loan." Predatory lending is dishonest mortgage lending. Predatory loans harm borrowers by making it difficult or impossible for them to keep up with payments. If they miss their payments, they risk losing their homes. Predatory lenders often prey on people who are cash-poor but rich in home-equity - a definition that applies to many senior citizens. In 2003 seniors represented the largest percentage of callers to the Seattle Office for Civil Rights about mortgage lending. Dishonest lenders troll public tax records to net the names of older homeowners who qualify for a senior tax exemption. Bad lenders also may omit the cost of tax and insurance when giving loan estimates, to trick people into thinking they can afford it. Predatory mortgage lending is also a Fair Housing issue. Predatory lenders often target seniors, immigrants and people of color. Someone targeted for a bad loan based on his/her protected class may be able to file a charge of illegal discrimination. "The best advice for anyone contemplating a home loan is: find someone you can trust! Predatory lenders take advantage of people's privacy. You can beat predators at their game by talking to someone else - a neighbor, a family member, a minister or pastor - who can look at the deal with eyes wide open. "Many older people tend to ask for help when it's too late," said Ceaser. "My message at the senior centers was Don't wait! Talk to someone you trust before you sign on the dotted line." Seniors have access to other mortgage loan resources. Under the City of Seattle's HomeWise Program, low-to-moderate income homeowners may be eligible for low-interest home improvement loans. (For more information call 06-684-0244.) A number of organizations offer free counseling and information on home buying, mortgage defaults, reverse mortgages, and other financial issues. For more information call Community Home Ownership Center (CHOC) at 206-587-4355 or the City of Seattle Office for Civil Rights at 206-684-4500. Have a question about discrimination in Seattle? Call the Seattle Office for Civil Rights at 206-684-4500 (TTY 206-684-4503) or find SOCR on the Web at www.seattle.gov/civilrights. KCOCR Fair Housing Home Page Your comments about this web site Updated: Apr. 9, 2004 King County | DES | OCR | News | Services | Comments | Search Links to external sites do not constitute
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