Common Targets of Mortgage Loan Fraud
It’s no secret that the mortgage industry has been under heavy scrutiny in recent years, thanks to questionable lending practices and other issues. Every day thousands of people are cheated on money by questionable loan modification programs and other false promises of assistance. In many cases, these underhanded programs subprime interest rates and unnecessary fees that throw the borrower into even deeper debt.
This is why if you feel you have been the target of mortgage loan fraud is important that you contact a mortgage lawyer to be on your team. They’re going to have the expertise to help you through this process and get the money you rightfully deserve.
Traditional Targets of Mortgage Loan Fraud
The sad truth is that people from all walks of life can be taken for a ride by a suspicious lender. There are a few groups of people who commonly attract these fraudulent interest rates and real estate loan scenarios. Unfortunately, the range of people varies but here some of the most common ones:
- Senior Citizens: It’s a harsh truth, but often the biggest targets are those that are the oldest among us. They are often targeted by brokers who want to take advantage of them and gain access to your life savings. This is why, before going into any type of real estate transaction, our advice is to get the assistance of a licensed mortgage lawyer to ensure that they are not getting scammed during the real estate transaction.
- Lower-Income Families: Sadly, though, income individuals and families are more susceptible to mortgage and home loan fraud because they often have fewer options at their disposal. It is common that these people to feel backed into a corner and are desperate to receive financing regardless of the details. A skilled mortgage lawyer easily can be of assistance to ensure that these families have their rights protected.
- People With Poor Credit: Another common target for underhanded brokers is those that have poor credit. To select lower-income families they can feel backed into a corner with their options. This is why if you or someone with poor credit and are looking for a mortgage or even a loan modification, it is a good idea to bring a mortgage lawyer with you to ensure you aren’t duped out of a substantial amount of money.
Unfortunately, mortgage modification fraud comes in many shapes and forms. Some commonly make big promises and collected upfront fees and vendors disappear, but others may charge services that are available for free for your government or your lender. Some of the worst may try to convince you to transfer the title of your home to them and promise to lease it back to you or sell it back to you once you can afford to make the mortgage payments.
No matter the case, we understand that this can be a very frightening time. That is why we suggest contacting a mortgage lawyer, like our friends at Carolyn Secor, P.A., to help you through this process.