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Home arrow News arrow Rising Fraud Connected to Increasing Mortgage Interest Rates

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Rising Fraud Connected to Increasing Mortgage Interest Rates
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Monday, 24 July 2006

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Sometimes the victim is a retired senior strong-armed into signing papers under the misconception that he is being granted a reverse mortgage. Homeowners in financial difficulty should first talk to their mortgage lender to explain the situation and to see if the loan can be restructured or refinanced.

Contact the Mountain States Better Business Bureau, state attorney general and state real estate commission to find out information on the prospective buyer. The Better Business Bureau offers the following tips for homeowners whose mortgage is in arrears or who are facing foreclosure:

1. Read everything before you sign and get all "promises" in writing. Victims later learn they signed a quit-claim deed to their home.

Foreclosure scam artists know exactly which neighborhoods to blanket with offers.

2. Be wary if a foreclosure "rescuer" or mortgage "broker" instructs you not to contact your mortgage company or your attorney.

3. Never sign a contract under pressure and never sign away ownership of your property. Ask a trusted family member, attorney or a financial professional to review paperwork before signing.

By Mabelle Sese
http://realestatepress.org

Last Updated ( Monday, 24 July 2006 )
 
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