Top Ten Signs of Mortgage Scams

Date October 9, 2012

Mortgage rates are at their lowest. This means there are more mortgage companies, or individuals, who are preying on unsuspecting borrowers. Before you sign on the dotted line, make sure you know who you are doing business with, and be sure to work with an experienced mortgage professional.

Mortgage fraud is on the rise. Be alert to any individuals or companies that:

  • Want money up front for mortgage assistance
  • Offer to fill out paperwork for you
  • Claim to be doing a “forensic audit”
  • Ask that payment be made directly to them, rather than to your lender
  • Promise to modify a mortgage or prevent foreclosure, no matter the circumstances
  • Advise you to stop making mortgage payments
  • Suggest you lease your house and buy it back over time
  • Require payment in the form of cash, cashier’s check, or wire transfer
  • Advise you to transfer your property deed or title to them
  • Ask you to give them power of attorney

If you think you’ve been scammed, file a complaint online or call the Consumer Financial Protection Bureau (CFPB) at 855-411-CFPB.

Work with a lender you can trust! MCCU offers purchases and refinances with rates and terms to fit your mortgage loan needs. Whether you want to refinance your existing mortgage or purchase a new home, contact MCCU’s Mortgage department today!

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