How to Spot Equity Stripping, Mortgage Scams, and Loan Modification Scams скачать в хорошем качестве

How to Spot Equity Stripping, Mortgage Scams, and Loan Modification Scams

Take our Mortgage Mogul Quiz to test your financial knowledge: http://www.gobankingrates.com/quizzes... In light of the housing market meltdown and the great recession, consumers need to protect themselves from mortgage scams now more than ever. Mortgage scammers can get pretty creative, but here are the top 3 scams you should know about. Scam 1 - Equity Stripping/Bailouts An individual or company will contact you if you're at risk for foreclosure, offering to pay off the lender and take over the deed for the house. They promise to charge you a low rent while you get your finances together and that they will allow you to buy the house back from them at a later date. In reality, the scammer usually gouges the rent and ends up forcing you out of your home anyway. The scammer gets away with not only your home, but also all the equity it has built up over time. Scam 2 - Phantom Help In Phantom Help, an individual or company contacts you when you're at risk for foreclosure. The scammer offers to contact your lender on your behalf and file special paperwork to help you stay in your home. This service comes at an extremely high rate, and most of the work they do for you, you can do yourself. In this scam, the scammer doesn't get away with your home, but they do rip you off for the cost of their "services" and you end up losing your home to foreclosure anyway. Scam 3 - Bait and Switch In the Bait and Switch scam, the scammer deceives you by promising to reduce your mortgage rate or monthly payment. In the process of closing the deal, the scammer sneaks in paperwork signing the deed of the home over to the scammer. In this case, you again lose your home to the scammer under the guise of being bailed out and paying rent. You continue to pay monthly on a property you no longer own. If you are at risk for foreclosure, keep in mind that this information may be listed publicly, allowing scam artists to contact you. In general, keep yourself safe by avoiding anyone who offers you to "rescue" you from an underwater mortgage or "pull strings" on your behalf. Learn more about our Financial Literacy Movement: http://www.gobankingrates.com/financi... Sign the Financial Literacy Pledge and share it with others: http://www.gobankingrates.com/financi...