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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.
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Hi, Jen I have a question of loan modification. My lender is Loan Depot, Im Veteran, I had a fixed 4.12% Loan depot raised my interest rate to 4.85% for a loan modification. Is this a good loan modification for VA?
Terms and Conditions for Modification Approval
Estimated New UPB: $483,039.97 (old bal:$462,000
Rate: 4.875 (Old rate: 4.12%
Term: 360 (360 term
Estimated P&I Payment: $1,807.04 ($3249.39 old payment
Estimated Escrow Payment: $704.49
Principal Forbearance amount of $141,579.37. WHat does this mean forbearence?
1st Payment Due Date: 04/01/2018
Maturity Date: 03/01/2048
PO Box 77404
Ewing NJ 08628
No worries. So do I. Learned a stupid tax before, never again. They say, no need to refinance as you'll go back to starting point, then adding more to the balance & paying extra front-loading fees. By the time you are done with refinancing paperwork, you may have added another $50-80K to the balance. Add extra payment to principal and you'll recoup that payment made to your current interest and you'll knock off 5-10 years of interest fees. Watch Dave Ramsey and His&HerMoney. You'll learn a great deal from them. Best regards to you & family.
Loan modification acting in your benefit should not add any amount to new balance. This looks like mortgage refinance to me with a lower interest rate. Check out other Financial Experts on YouTube & online and you'll learn a whole lot from them. Also for disabled veteran, check out your state property tax reduction or eliminator. Good luck
STONEGATE MORTGAGE is even sneaker than what she has said. if these things happen to you. pay your original agreed amount only and putt your house up for sale it's your only way to get out of the scam.
FiNMAX mobile apps are available for both iOS and Android devices, which ensures that traders can access their accounts through a smartphone or a tablet. FiNMAX offers specific FiNMAX apps for iPhone, iPad, and other smartphones and tablets. Once again, traders can access almost the entire range of platform features that are available on the desktop platform, while advanced charting options from TradingView can be easily accessed through their responsive template.
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FiNMAX offers a limited period demo that is valid only for a week, which is not a whole lot of time to learn the concept in detail. Although FiNMAX has limited its demo account to users, it is far better than avoiding a demo offering altogether. Seasoned traders can use the demo trading account to gauge the efficiency of the platform, while amateur traders can also use the demo period to familiarise themselves with the binary options market and put on a few trades to gain market exposure. Nevertheless, we would have appreciated if the company had provided a bit more time with its free demo account option.
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There is a drastic amount of confusion surrounding regulatory status. Reduced number of binary options assets.
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FiNMAX offers support through live chat, phone numbers, emails, and Skype address. The customer service channel is only available for 14 hours a day and 5 days a week.