Protect Your Self From Mortgage Fraud

Don’t become the victim of mortgage fraud. Learn about common mortgage scams and steps you can take to protect your self. In this article I have listed various mortgage scams. Know them and take necessary steps to protect yourself.

Common mortgage scams:-

Equity skimming: In this case an investor obtains a mortgage by showing wrong income documents and credit reports. The investor also makes no payment but rents the property until foreclosure takes place.

Predatory lending: In this case the lender charges a very high interest rate. The borrower is left with no other option than to defaulting on the mortgage payment and ending up in foreclosure. Mostly senior citizens with lower incomes fall under as victims in this category.

House stealing: I think this many people must be knowing. In this case a person assumes your identity through fake identification. Then this person tries to purchase form that transfers property. He/ she will forge your signature and then will sell your house.

So try and protect your self from falling into the trap of such criminal.