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The Most Common Mortgage Scams
Unfortunately, mortgage scams are very common. So exactly what can you do to protect yourself from one of these scams. The first step in protecting yourself is education. Learn the types of scams that are out there and how to recognize them.
Here are a few of the most common mortgage scams.
1. Loan audit offers. Generally a salesperson will call a homeowner and say that they are going to be auditing their mortgage documents so that they can use the violations to force their lender to approve their loan modification. The scam is that they find violations a majority of the time. They charge the homeowners anywhere from $1000 to $5000 for their fee.
2. Money back guarantees. This scam involves promising the homeowner that they can guarantee them a loan modification. They will tell you to stop making your mortgage payments and do not communicate with your mortgage company. However, no one can guarantee you a loan modification or the promise that they can stop a foreclosure. Additionally, some people are aware of this scam so the scammers will tell you that you do not have to pay upfront but will wait until about ... more
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