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HUD Warns Consumers of Foreclosure Scams
In an effort to protect home owners from foreclosure scams, the U.S. Department of Housing and Urban Development last week began distributing a one-page flier providing information on how families struggling with their mortgage payments can access the Obama Administration’s Make Home Affordable Program.
The program is designed to help up to nine million U.S. households refinance or modify their loans and reduce their monthly mortgage payment to a more affordable level.
“Due to the overwhelming interest in the plan, home owners are increasingly becoming the target of scammers trying to take advantage of families with false promises and steep fees to provide foreclosure assistance,” the flier says.
“With President Obama’s plan, a home owner NEVER has to pay to participate in the program. If you wish to obtain counseling assistance, HUD urges you to contact a local HUD-approved housing counseling agency to ensure you are receiving legitimate information,” the alert advises.
HUD is advising home owners to turn to these sources of information and counseling:
Home owners who feel they have been the victim of a foreclosure scam can contact the U.S. Federal Trade Commission, which works to prevent fraudulent, deceptive and unfair business practices in the marketplace. To file a complaint or get free information on consumer issues, go to www.ftc.gov or call 877-FTC-HELP (877-382-4357).
“Unscrupulous financial institutions, brokers and others have broken their trust as lenders, cheating and lying to families fighting to make their way through this crisis,” said HUD Secretary Shaun Donovan. He noted that minority populations have been disproportionately impacted by the housing crisis, including foreclosure scams.
“I will renew our commitment at HUD to fair housing enforcement, particularly for lending violations that target minority communities,” Donovan said. “As part of our broader effort to combat abuse and fraud, HUD is using new tools, including the SAFE Act and RESPA, to protect American families. We at HUD will ensure that all Americans, particularly those in areas previously victimized by unscrupulous practices, are protected and will enforce our laws against those who prey upon them.”
 Tax Credit Web Site Looks at Opportunity of a Lifetime
Builders and other industry professionals can help spur home sales by referring prospective first-time home buyers to www.federalhousingtaxcredit.com. The NAHB Web site provides detailed information on the $8,000 federal tax credit for first-time home buyers included in the economic stimulus legislation signed into law by President Obama.
Consumers can use the Web site to find information on the tax credit — including a detailed question and answer section. It also includes information about other housing-related and small business measures in the legislation and a number of home-buying resources for consumers.
Spanish Version Also Online
A Spanish version of this increasingly popular Web site is also available to provide detailed information on the tax credit to Spanish-speaking first-time home buyers.
Industry professionals are encouraged to highlight either tax credit Web site when marketing to their potential first-time home buyer market.
 Plan to Attend Construction Forecast Conference
Plan to attend or watch the 2009 Spring NAHB Construction Forecast Conference & Webcast on Thursday, April 23 in Washington, D.C. to get the latest facts, insights and analysis of the housing industry.
Panels of nationally recognized experts at the day-long conference will discuss economic trends, government policies, developments in the housing industry and the results from NAHB's recent surveys.
For more information and to register, visit www.nahb.org/cfc.
 Want to Know the Housing Starts Through 2017?
Find out in HousingEconomics.com's Long-Term Forecast.
Subscribe and get downloadable Excel tables that feature the housing starts forecast, gross domestic product (GDP), demographics and more.
To learn more, visit www.housingeconomics.com.
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