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Avoiding Common Mortgage Scams

October 15, 2010 by Crampton Inspection Service Leave a Comment

Despite tougher mortgage guidelines and better loan disclosures for consumers, mortgage fraud is on the rise, according to the FBI.

Fraud has many varieties and it’s estimated cost to the nation is between $4-6 billion annually.  Today, common mortgage fraud scams target homeowners behind in their mortgage payments and/or facing foreclosure. And, despite the hordes of legitimate organizations that dedicate themselves to helping consumers, mortgage fraudsters proliferate.

In this 3-minute piece from NBC’s The Today Show, you’ll learn to spot common frauds, and to avoid them.

Some of the frauds highlighted include:

  1. The Rent-to-Buy arrangement
  2. The Bait-and-Switch
  3. The “Phantom fees”

With respect to mortgage paperwork, it’s always wise to read what you’re signing, and to take time to understand what it means. If you’re uncomfortable reading mortgage documents, ask for an attorney’s help. And don’t worry if you don’t have the budget — many states offer free or discounted help via advocacy groups.

Filed Under: Household Finances Tagged With: The Today Show,Mortgage Fraud

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Crampton Inspection Service

P.O. Box 6043
Moraga, CA 94570
Phone: 925-376-7707
Email: john@your-home-inspector.com
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