Mortgage guidelines may be up and there are better loan disclosures for consumers but the FBI says mortgage fraud is on the rise.
Fraud comes in many forms. The cost across the nation is between 4 and 6 billion dollars a year.
Common frauds target those homeowners behind on their mortgage and looking for help. There are a lot of great organizations that dedicate themselves to helping homeowners. It is important to know the signs of a common fraud.
This short video from NBC’s Today Show is a great outline to help you be aware of the criminals out there looking to steal your money and home.
http://www.msnbc.msn.com/id/26184891/vp/39497215#39497215
Highlights include:
The rent-to-buy arrangement, the bait-and-switch and the “phantom fees”.
There is a great deal of paperwork with a mortgage and it can be overwhelming. Don’t let that stop you from reading and understanding everything before you sign. If the process makes you uncomfortable, many states offer free or discounted legal help through advocacy groups.
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