Featured News 2014 Issues with Mortgage Discrimination

Issues with Mortgage Discrimination

If you apply for a home purchase, refinance, or want to make home improvements, you have rights under the Equal Credit Opportunity Act and the Fair Housing Act. These federal laws make it so that you cannot be denied a mortgage or refinance because of external, racial or otherwise uncontrollable circumstances.

If you believe that you have been a victim of mortgage discrimination, you can talk over the issue with a real estate attorney. Under the Equal Credit Opportunity Act, you have the right to dispute a denial to any credit transaction that was based on your race, religion, national origin, age, marital status, sex, or income derived from any public assistance program. As well, you cannot be denied credit or a mortgage based on your right to exercise the Consumer Credit Protection Act.

You also have the right to a mortgage or to make real-estate related transactions under the Federal Housing Act. According to this act, individuals cannot discriminate against you when you are requesting a loan to buy, build, improve or repair a home or apartment. Also, the mortgage companies cannot discriminate when selling brokering or appraising residential real estate or selling or renting a dwelling.

All real estate agents and other real-estate related parties cannot discriminated based on religion, sex, national origin, race and color, familial status or handicap when working with the transactions listed above. For example, the real estate companies cannot discriminate against a pregnant woman who wants to purchase a home or rent an apartment, or cannot discriminate against a family with children unless the residencies are explicitly for elderly and retired individuals.

Lenders are required to consider public assistance income in the same way that they consider other income when evaluating applicants for a mortgage, and must consider reliable income from part-time employment, any Social Security Benefits, pensions, and annuities. The lender is also required to consider reliable alimony, child support and spousal maintenance when considering an applicant for a mortgage or another loan for real estate purposes.

Lenders are not allowed to discourage you from applying for a mortgage or reject your application for any racial, religious, sexist, or age-biased reasons. Also, the mortgage lenders are not allowed to impose different terms or conditions on your based on your race, sex, familial status or other significant factors. They also cannot require a cosigner if you can meet all of the conditions for the loan on your own.

If you want more information about mortgages, then you need to contact an attorney at the firm today. With the right lawyer on your side, you may be able to dispute any action taken by a lender that violates your rights under the FHA and the ECOA. Use this directory to locate a real estate attorney nearest you and discuss your case.

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