Possible Mortgage Fraud Red Flags
The Latest from the mortgage industry - help our homeowner's and business owners avoid the scam artists! Some of their tactics are listed below.
1. The business guarantees it can stop a foreclosure
regardless of the borrower's actual circumstances.
2. The business tells you to break off any contact
with your lender / servicer, independent counselor
or attorney.
3. The business asks for payment up front, before it
has performed any services.
4. The business instructs you to turn over your monthly
mortgage payment to it, and not your loan servicer.
5. The business attempts to get you to sign over
the title to your home or business.
6. The business asks you to sign incomplete or blank
paperwork or pressures you to sign a document
you haven't had time to read thoroughly.
7. The business promises to repay all of your defaulted
mortgage payments for you.
8. The business claims that title transfer will only
be temporary and you will be able to reclaim your title
on a later date.
9. The business promises to pay off your current
mortgage, even though you are currently in default,
in exchange for you taking out a new loan with their
company.
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