How to identify mortgage fraud

Avoiding fraud

Unfortunately, during times of hardship people are often targeted by fraud artists.


How to identify mortgage fraud

During times of crisis, there is an increased risk of scams and fraud. There are many organizations that can help you when facing financial problems or foreclosure, but it is more important than ever to make sure you are dealing with a reputable organization before getting involved.

Any unsolicited help should be fully researched before accepting it. Protect yourself by asking questions, reading the materials provided to you and avoiding solicitations that require up-front cash payments.

How to identify mortgage fraud

Following are six red flags that may indicate you are dealing with fraud:

  • A company/person asks for a fee in advance to work with your mortgage company to modify, refinance or reinstate your mortgage.
  • A company/person guarantees they can stop a foreclosure or get your loan modified.
  • A company/person advises you to stop paying your mortgage company and pay them instead.
  • A company pressures you to sign over the deed to your home or sign any paperwork that you haven’t had a chance to read and you don’t fully understand.
  • A company other than your mortgage company claims to offer “government-approved” or “official government” loan modifications.
  • A company/person you don’t know asks you to release personal financial information online or over the phone.

What’s happening today:

How to identify mortgage fraud: Here are some common predatory scams and other potential traps to watch out for:

“Call spoofing” scams: Caller ID or phone “spoofing” occurs when a caller deliberately falsifies the information transmitted to your caller ID in an effort to disguise their identity while pretending to be someone else – often in order to get you to share your personal information over the phone. Learn more.

Foreclosure rescue fraud: In this scheme, someone may offer false promises of being able to save your home from foreclosure or guarantee a loan modification with a reduced mortgage payment. Learn more.

Title scams: When someone offers to give you a loan or fast cash in exchange for taking over your mortgage and title. They may allow you to remain in your home as a renter and promise you that you can buy the home back once you are on your feet, but once the deed is transferred, there’s no guarantee that you’ll ever own the home again.

Post-disaster insurance scams: In the wake of a disaster, someone may offer you money immediately in exchange for money you will get later from the insurance company. You end up getting much less from the individual than the insurance company actually would have paid you or your home repair contractors directly.

Source:https://myhome.freddiemac.com/


How to identify mortgage fraud

…Let us join your journey of getting your dream house!

 

Call now:(617) 201-9188 Ana Roque |209 West Central Street, Natick, MA     

Ana Roque is a Brazilian Licensed Realtor at Re-Connect, LLC with 16+ years of experience in the Real Estate industry.

Ana speaks 3 languages (Portuguese, English, Spanish), Wife, Stepmom, Journalist, Event Director for the National Association of Hispanic Real Estate Professionals (NAHREP) Central MA Chapter.

Ana is a self-motivated, goal-orientated and focused on building her career with partners and develop leadership with excellence to her teamwork as a mission to create a legacy to her clients and children.

WHAT WE OFFER

Buyer’s agent | Listing agent | Short-Sale | Foreclosure | Rehab homes | Commercial R.E. 

Related posts:

When to Refinance Your Mortgage
When to Refinance Your Mortgage. Refinancing can save you money—or cost money. Refinancing a mortgage means paying off an existing loan and re...
Concrete vs. Wood Home Construction
Concrete vs. Wood Home Construction. Wood and concrete have been used in construction for thousands of years and for good reason. Both materia...
10 Cheapest Places To Buy A House In Massachusetts
  10 Cheapest Places To Buy A House In Massachusetts. Massachusetts is a beautiful state that has so many amazing opportunities. Big c...
The Pros and Cons of Prefab Homes
The Pros and Cons of Prefab Homes. If you can’t find a house you want to buy you may be tempted to build your home yourself. In that...
Why Are Houses So Expensive? A Guide To Housing Prices In 2022
Why Are Houses So Expensive? A Guide To Housing Prices In 2022. For many people, buying a house is the largest purchase they will ever ma...
8 Reasons to Choose a Real Estate Agent Over "For Sale By Owner"
8 Reasons to Choose a Real Estate Agent Over "For Sale By Owner". You might be tempted to avoid a real estate agent, save the commission,...
The Advantages & Disadvantages of Buying a Condo
The Advantages & Disadvantages of Buying a Condo. Wondering if buying a condo is right for you? Investing in a condo can come wi...
How Much Credit Card Debt is Okay When Buying a Home?
How Much Credit Card Debt is Okay When Buying a Home? So, you’re thinking of buying a home, but you have some credit card debt. How will ...
Can FHA Loans Be Used for Investment Property?
Can FHA Loans Be Used for Investment Property? Low down payments and low credit score  requirements make Federal Housing Administration (...
How to Flip a House
How to Flip a House. Want to know how to flip a house for a huge profit? Join the crew! Flipping houses has been on the rise across the n...

Leave a Reply