Don't Borrow Trouble accomplishes two things:  1) helps families on the verge of foreclosure and 2) educates future homeowners about the dangers of predatory lenders.  This program seeks to alert at least 50,000 families, especially minorities and low- to moderate-income residents about the dangers of predatory lending, such as exorbitant interest rates, excessive fees, or deceitful lending practices. Local housing officials say that such practices trigger thousands of mortgage delinquencies every year in the St. Louis metro area, especially among senior citizens and minority residents. Don't Borrow Trouble has been launched in 33 communities over the past three years, helping tens of thousands of residents nationwide avoid similar schemes.

6 Warning Signs
You May Be Dealing
With A Predatory Lender

• Interest rates above 10%
  
  
• High fees and closing costs (over 5% of amount borrowed).
  
  
• Aggressive sales techniques
  
  
• Door-to-door solicitation
  
  
• Large fees or kickbacks paid to the mortgage broker by the lender
  
  
• Switching unsecured debt (i.e. credit card debt) into mortgages for debt consolidation
  
  
• Loans arranged by contractors.
  

For more information about Don't Borrow Trouble Metro St. Louis or to set up a meeting or a presentation, call Linda Ingram with Beyond Housing at (314) 533-0600 ext. 22.