Here are several Tips to protect the consumer from becoming a victim of Mortgage Fraud.
Get referrals for real estate and mortgage professionals. Check out the Realtor or mortgage loan officer:
Google them;
Check their licenses with state, county, or city regulatory agencies.
If it sounds too good to be true, it probably is. An outrageous promise of extraordinary profit in a short period of time signals a problem.
Be wary of strangers and unsolicited contacts, as well as high-pressure sales techniques.
Ask how they got your name
Ask for referrals
Get written GFEs
Look at written information to include recent comparable sales in the area, and other documents such as tax assessments to verify the value of the property.
Understand what you are signing and agreeing to--If you do not understand, re-read the documents, or seek assistance from an attorney.
Make sure the name on your application matches the name on your identification.
Review the title history to determine if the property has been sold multiple times within a short period--It could mean that this property has been "flipped" and the value falsely inflated.
Know and understand the terms of your mortgage--Check your information against the information in the loan documents to ensure they are accurate and complete.
Never sign any loan documents that contain blanks--This leaves you vulnerable to fraud.
You can find AJ Nisen on Active Rain at Contra Costa California Mortgages. Call AJ to talk about your Mortgage, Mortgage Rates, Free Credit Report or visit AJ's website to use his mortgage calculator.
1 Comments on Tips to protect the Consumer from becoming a victim of Mortgage Fraud
I had an offer signing tonight. Buyer asked me to recommend a good lender. I mentioned that he really needed to read your blog. He mentioned a Saturday AM radio show that I'm not familiar with. I suggested the "written word".
Alan 'AJ' Nisen California Contra Costa Mortgage Officer Lafayette, CA More about me…
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Office Phone: (925) 677-4169
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AJ, as part of the Active Rain family, uses this forum to discuss issues that affect the Real Estate market, all aspects of Mortgages, Loans and refinancing, to build working relationships and friendships. AJ’s conversations include such topics as, the sub prime lending fallout, mortgage market changes, and localism (revitalizing downtowns, business growth, community volunteerism and events)
Alan 'AJ' Nisen California Contra Costa Mortgage Officer
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I had an offer signing tonight. Buyer asked me to recommend a good lender. I mentioned that he really needed to read your blog. He mentioned a Saturday AM radio show that I'm not familiar with. I suggested the "written word".