About the Campaign
CAMPAIGN GOALS AND OBJECTIVESThe overall goal of Don't Borrow Trouble New Hampshire is to promote stability and success among families and individuals targeted by predatory lenders through a public education initiative throughout the Granite State. Particular emphasis will be given to vulnerable populations, particularly families in a financial crisis, communities of color, and the elderly.
The Don't Borrow Trouble New Hampshire Campaign is a growing coalition of 15 organizations who have joined together to prevent predatory lending in New Hampshire. Don't Borrow Trouble was pioneered in Boston by Mayor Thomas M. Menino and the Massachusetts Community Banking Council and is being expanded nationally by Freddie Mac to 40 cities, counties, and states nationwide. Click here to learn more about the national Don't Borrow Trouble effort.
Consumers are encouraged to call the Don't Borrow Trouble help line at 866-623-1302 for free advice while purchasing a home, refinancing, consolidating debt, taking out a home equity loan, or in need of mortgage foreclosure prevention. Callers will either be assisted directly through the help line, or referred to non-profit housing agencies with expertise in home ownership education and housing and financial counseling. The Don't Borrow Trouble help line is being hosted by New Hampshire Housing Finance Authority.
The projects objectives are to:
- identify the impact of predatory lending in New Hampshire, including communities and households most affected;
- develop and launch a public education campaign targeted to neighborhoods & populations vulnerable to predatory lending practices. (e.g. elderly, new immigrants, communities of color, female single heads of households, and persons in a housing/financial crisis);
- identify, coordinate and expand community resources to counter and respond to predatory practices;
- build access for consumers to community resources;
- provide outreach and education to community organizations and community leaders to increase awareness and understanding of predatory lending practices; and
- assess the Campaign's effectiveness in reaching communities and populations vulnerable to predatory lending.
Campaign Stakeholders
The Don't Borrow Trouble coalition consists of a broad range of partners that include non-profit housing organizations, federal and state agencies, financial institutions, housing and home ownership counseling organizations, and other community leaders. Click here to view the campaign's partner list.
Primary predatory lending issues to be addressed
The campaign will respond to a wide range of predatory lending issues, including debt consolidation, refinancing/mortgage flipping, foreclosure rescue scams, property flipping, and more. It will reach individuals and families seeking to purchase a home, considering refinance and/or debt consolidation, and in need of foreclosure prevention.
With property values increasing in New Hampshire, many home owners are experiencing a rise in their home equity, and predatory lenders are attempting to get their hands on this newly available wealth. Families are now grappling with mortgage flipping, where predatory lenders prey on consumers with high debt or in a financial crisis who have available equity. After repeated refinances that often consolidate debt, the home owner actually incurs increased debt and loans with high fees and interest rates, ultimately stripping them of their equity and even leading to foreclosure. There are many ways that dishonest lenders can take advantage of unsuspecting consumers. Click here for tips on How to Spot a Predatory Lender.
www.dontborrowtroublenh.org