Protecting Against Refinance Scammers
According to investigators, homeowners can insulate themselves from mortgage fraud by following a few simple tips:
- Avoid mortgage refinance solicitations, especially from door-to-door representatives. Your home may have been targeted by scammers, so deal only with reputable firms from whom you request information.
- Review all paperwork with a neutral third-party. Ask a trusted attorney or financial advisor to check all refinance contracts and forms before signing.
- Reject any mortgage refinance deals that require you to lie on applications. Unscrupulous brokers may be trying to stick you with a mortgage you cannot afford.
Although the vast majority of mortgage brokers operate ethically, a handful of rogue agents has caused many homeowners to become more suspicious about loan consolidation offers or "quick cash" schemes. By staying focused on long term financial health, borrowers can prevent themselves from becoming victims.
About the Author:
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.
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