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Costs of Settlement on a House
A house is probably the single largest credit purchase for most consumers--and one of the most complicated. The Real Estate Settlement Procedures Act, like Truth in Lending, is a disclosure law. The Act, administered by the Department of Housing and Urban Development, requires the lender to give you, in advance, certain information about the costs you will pay when you close the loan.
This event is called settlement or closing, and the law helps you shop for lower settlement costs. To find out more about it, write to:
Deputy Assistant Secretary for Housing Attention:
RESPA Enforcement U.S. Department of Housing and Urban Development 451 Seventh Street, S.W. Room 5241 Washington, D.C. 20410 Should you need to phone: (202) 708-4560
A Federal Reserve pamphlet, entitled "A Consumer's Guide to Mortgage Closing Costs," also contains useful information for consumers.
Do it Yourself Credit Repair Kit. Use the tactics that credit repair lawyers use.
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