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Below, you'll find extensive information
on leading mortgage scams articles and products to
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Mortgage Scams- If It Sounds Too Good To Be True - It Probably Is!
By M
| By the end of last September, 2007, the U.S. Treasury Department stated there were 46,717 cases of mortgage fraud reported - an increase of 35,617 from the previous year. That translated into a dollar loss of more than $813 million. Unfortunately in today's troubled economic climate while most people are just trying to do what they can to weather the storm, some individuals consider this a perfect opportunity to exploit a vulnerable situation and make a profit. By the end of last September, 2007, the U.S. Treasury Department stated there were 46,717 cases of mortgage fraud reported - an increase of 35,617 from the previous year. That translated into a dollar loss of more than $813 million. The really shocking part is that only about 7 percent of these cases attach a dollar value to the crime, and in reality the actual amount of money being lost to mortgage scams is much higher. Some of the more common types of mortgage fraud include: Forged documents: This may involve forging signatures or notary seals on mortgage documents. Especially aimed at new home buyers, certain brokers have been known to inflate prices, or create imaginary down-payments on second mortgages. In some cases homeowners actually sign blank papers, convinced that the details will be filled in later. Inflated appraisals: In an effort to clear a loan for a client, some lenders have been known to contact the appraiser and request a higher dollar value on the appraised house. What is the harm? The lender gets a sale; the client gets approved for their mortgage; everyone is happy. Happy until the homeowner realizes they have
APR Calculator: How to calculate APR on your mortgage
APR Calculator - Know how to calculate APR (Annual Percentage Rate) on your loan. The APR is one of the factors to help you compare loans.
Mortgage Planner - A Home Buying Decision Making Tool
The mortgage planner helps you to plan your mortgage prior to buying a home. You will be able to decide whether to buy or rent, how much you can borrow and the down payment you can make on your new home.
Credit Repair Tool - Analyze and fix your Score
Mortgage Community Professionals to advise and offer the best
Mortgage Community Professionals include loan officers, brokers, consultants, attorney and others. Take a look at their profiles and consult them for the right financial advice.
Cash-out Refinance Vs. Second Mortgage Calculator
a mortgage they can't really afford.
It's more important than ever for a homeowner to do their due diligence, research the credentials of the lenders they plan to enlist, and above all, be aware of their own financial situation.
Rescue Scams
"Let me deal with your lender": In this scam, the fraudster promises to remove the stress of dealing with a foreclosure by acting as an intermediary between the homeowner and their lender. For a fee, they will handle all the dealings and communications with the lender and their lawyers. The homeowner is thrilled to be relieved of this pressure, gladly pays the company a nominal fee (usually about $1,000 or higher), and breathes a sigh of relief. Once the check is cashed, the rescue company becomes impossible to contact, extra penalty charges accumulate with the client's lender, and things generally go downhill from there.
"Sign over the title to your house": With this scam, the con artist convinces the home owner they can avoid foreclosure by signing over the title to their home and remaining on as a tenant, with the promise of having the house signed back in six months. In reality, the scammer neglects to make the mortgage payments, and racks up a series of phony charges and fees, soaking up any remaining equity in the already debt-laden home.
Spotting a Mortgage Scam
As a desperate individual about to lose a home to foreclosure, a friendly voice offering a solution may seem like a ray of hope. First and foremost, don't let your vulnerable situation cloud your judgment. Do not become a victim.
Recognize that anyone contacting you and offering unsolicited advice or a miracle solution to your problems is sketchy at best. Do not sign any contract until your lawyer has read it over, and don't forget "if it's too good to be true, it probably is!"
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short sell or forclosure?
Hoping someone could help? My new wife (i'm not on the mortgage) currently owes $95,000 in a 80/20 loan ($80,000 on the first and $15,000 on second). We want out of the house because the neighborhood is getting dangerous and most homes are now selling for $20,000. My wife can afford the house on her salary but doesn't want it. She's also pregnant! I own another home and have great credit and a great job. Can we get out of this house without her quitting her job? I'm thinking about trying a short...
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OK. I've posted before, but here's the short story again:
I own a house in Michigan. I live in Kentucky.
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we want the bank to take our house
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Will it be to my advantage to pursue a deed in lieu once I h
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I owe $178,000 and I believe the fair market value is around $70,000.
1bdrm condo in Concord,ca ...or should I borrow a mortgage payment from my family to keep from defaulting before I start requesting a deed in lieu.
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i need forecloser help
hi to everyone .i was reading were you can have a judge put a stop on forecloser for 6months if this is true how do you go about it. any help please i only have 15 days left thank you
Is it possible to get FHA loan with score less than 580?
The lender we are working with won't use me on the loan because my score is a 537. My husband's is over 580 so they want to just use him. The only problem is that limits our purchase to $50000 or less. We did find a HUD home that we are bidding on for $50000 but if they don't accept it we will have to figure something else out. Any suggestions? I am trying to raise my score but it takes time. Thank you.
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California Mortgage Quote - Why Is It Higher Than Elsewhere
By Jonathan
California mortgage quotes allow you to compare and contrast interest rates and evaluate the overall costs of securing a mortgage with various vendors. Read more...
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California Mortgage Quote - Why Is It Higher Than Elsewhere
By Jonathan
California mortgage quotes allow you to compare and contrast interest rates and evaluate the overall costs of securing a mortgage with various vendors. Read more...
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