News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Wayside Furniture

Don Drumm Studios


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Government and Politics


Cuyahoga County Educates to Fight Foreclosures

by WKSU's MARK URYCKI


Senior Reporter
Mark Urycki
 
Cuyahoga County is launching an effort to reduce the number of foreclosures and predatory lenders. Changes in state law that would make it more difficult for unscrupulous lenders to operate is tied up in a joint conference committee. County officials want to try educating consumers with a Freddie Mac program called "Don't Borrow Trouble."
Click to Listen

Other options:
Windows Media / MP3 Download (4:07)


(Click image for larger view.)

Consumer Tips For Avoiding Borrowing Pitfalls Source: Freddie Mac 1. Shop around. Borrowers should talk to several lenders to find the best loan for which they qualify. A loan product or lending practice may not seem predatory until compared with a similar loan product offered by other lenders. 2. Understand the loan terms. Borrowers should compare loan terms from different lenders. Understand the best loan terms available in the marketplace and compare the APR (annual percentage rate) of loans from different lenders. The APR takes into account both the interest rate and the points and fees of the loan. A nonprofit housing counselor or a lawyer can review the information with a borrower 3. Find out about prepayment penalties. Borrowers should know if the loan offered to them has a prepayment penalty. Prepayment penalty should be a choice, not a requirement. 4. Make sure documents are correct and complete. Be cautious of someone who offers to falsify a borrower's income information to qualify for a loan. Borrowers should never falsify information or sign documents that they know to be false. A borrower should not sign documents that have incorrect dates or blank fields. Be wary of promises that a lender will "fix it later" or "fill it in later." 5. Ask about additional fees. Borrowers should question any items they didn't ask for. Borrowers should also beware if they are told that single premium credit insurance is required get a loan, or that purchasing it will help loan approval. Review every fee and compare different lenders' fees to ensure the most competitive loan terms. 6. Understand the total package. Ask for written estimates that include all points and fees. The situation may not seem abusive until when everyone gets to the closing table. If any fees or charges differ from what was previously disclosed, delay the closing until all terms of the loan are clearly understood. 7. Work with credit counselors. A borrower should get all the facts before deciding to combine credit card or other debts into a home loan. Beware of scam credit counseling/ credit consolidation agencies  unfortunately, not all credit counseling agencies are acting in your best interests. Talk to a community based consumer credit counseling agency or housing counselor before signing the loan documents. 8. Protect home equity. If borrowers are taking equity out of their property, they should take out the minimum amount needed. The equity in a home is a source of wealth, which builds up slowly over time. 9. If you're not sure, don't sign! Get advice first! Talk to a community based consumer credit counseling agency or housing counselor. 10. If you cannot pay your mortgage, call your mortgage company now. As soon as you realize that you are unable to make your payments, talk about your circumstances with the mortgage company to which you send your monthly mortgage payment. Your options to retain your home are most effective when you are only one or two payments behind.
Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

HOF's Canton expansion could take an island and make it a village
I live in the block from Broad St to the Hall of Fame and will be impacted by the expansion. I am in the process of selling my home and planned to long before i...

Cleveland redeploys police to replace rejected red-light traffic cameras
Periodic rotational enforcement without warning does NOT change behavior and the city officials know that. This is the basis of all officer-run enforcement trap...

New enrollment period offers more insurance options
The removal of federal funding for healthcare CO-OPs may limit the growth of the CO-OP movement. http://www.healthcaretownhall.com/?p=6381

The family of Boardman vet killed in Vietnam receives his medals
My name is Mike Eisenbraun. I am Larry's brother. I was 14 years old when Larry was killed in Vietnam. He has been gone for 46 years but it seems like yester...

Cleveland seniors are creating new wealth -- and facing new challenges
Why is anyone surprised that we people over 65 are not retiring? If you have been paying attention, defined company funded pensions were phasing out in the eigh...

Ohio company cuts off a dairy supplier after allegations of animal abuse
these people should be held accountable for their actions. i would be more than pleased to see a year or more behind bars. i will NEVER eat anything that comes ...

Goodyear recruits thousands of vets
What a wonderful interview! Excellent reporting skills by a talented young reporter! I look forward to hearing more from Ms. Schley!

Ohio Democratic Party begins the rebuilding process
I agree 100% with Sen. Brown. I think it is absolutely critical for the Democratic Party in Ohio to engage in the long, tedious, hard task of re-building from t...

They're talking again in the Macedonia bridge dispute
Norfolk Southern says the Ledge road bridge meets regulations for train traffic, however it was built as an overpass for a roadway and/or farm usage. I think t...

Cleveland City Council to consider transgender public restroom law
this is sick. I do not want my daughter in the same bathroom as a perverted 45 year old man. this proposed legislation could seriously damage the security of ch...

Copyright © 2014 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University