Valuable Information! Mortgages Scams

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Anna will be addressing various items of value each month. Whether it is ways to save money, articles to increase your knowledge of property buying and selling, or the latest information in the mortgage industry, the purpose is to save you time, money or both! Here we highlight the main points and offer a printable version for expanded reading.

Please visit our archives page for past Items of Value. Listings are in chronological order and include Items of Value and Market Trends articles.

Are you the next 'mark' in the mortgage con game?

For more detailed information please read the entire newsletter here

As the real estate market has suffered its woes over the past few years, the perpetration of mortgage fraud has skyrocketed. In addition, stock market losses, high unemployment, the rise in foreclosures and
contracting financial markets have all contributed to the recent influx. Mortgage fraud has already cost the mortgage industry billions of dollars.


  • Reverse Mortgage Fraud - What can be a way for seniors to get cash out of the equity in their home has incresley become a way for fraudsters tofaslify documents and get huge lump sum payments.
  • Credit Enhancement Fraud - Perpetrators use credit enhancement schemes to circumvent tightened lending practices, thus securing home loans for otherwise unqualified buyers.
  • Builder Bail-Out Fraud - These schemes involve offering excessive buyer incentives that are not disclosed on loan documents. Often, unscrupulous appraisers are used to inflate home values to offset the cost of these incentives.
  • Foreclosure Rescue Fraud - Scammers offer to “rescue” a distressed home for a fee. Sometimes, a borrower is even encouraged to make his or her mortgage payments directly to the
    “rescuer.” The scammers then keep these payments.
  • Loan Modification Program Fraud - A scammer will contact owners of distressed properties and convince them that they can secure more favorable loan terms for an upfront fee.They then inform the homeowner that the lender has agreed to modify the home loan, but first the lender requires a good faith payment, which the fraudster then keeps.
  • Short Sale Fraud - The perpetrators will convince the homeowners of a distressed property to deed their property over to them. The perpetrator then negotiates a short sale with the lender. Unbeknownst to the lender and the homeowner, the scammer will already have a buyer lined up and sell the property immediately for profit.

home freaud is skyrocketing.

  1. Only Deal with People You Know - If you are having trouble making your mortgage payments,
    talk with your lender or loan institution directly. They represent your best opportunities to restructure your loan and can be trusted to act appropriately. Never deal with an outside person or company that makes unsolicited offers concerning a distressed loan. This unsolicited contact can include phone calls, e-mails and door-to-door selling.
  2. Poper Assistance is not expensive and it's not miraculous - Any individual or company that offers to solve your foreclosure problem for a large fee is not reputable. In addition, if they
    offer a solution to your problem that sounds too good to be true, it probably is. The reality is that trustworthy, government-sponsored assistance is readily available for no charge or a small fee. Contact NeighborWorks®America to find a local member organization by visiting or calling 1-888-995-HOPE (4673).
    The U.S. Department of Housing and Urban Development (HUD) can also refer you to a certified agency when you visit or call the HUD counseling and referral line at 1-800-569-4287. Information about new Congressional loan modification and refinancing programs are available for free from your lender or any HUD certified housing counselor.
  3. Don't sign paperwork or give money to anyone except your lender - It’s been stated earlier, but many common foreclosure scams involve dealing with a third party, rather than your lender. One example is sending your mortgage payment to someone other than your lending institution. If you do this, there’s a good chance your payments will never be applied to your loan.
    Additionally, paperwork may contain confusing or arcane language that could even lead you to sign away the deed to your house!

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