A lot of people are in dire financial straights because they got sucked into what is now being called the mortgage crisis.
Now that the problem is being examined carefully, a lot of fraud is blamed as being a contributing factor to the entire mess. The problem is that the fraud aspect of the mortgage crisis is hardly over. Mortgage scams designed to take advantage of people in financial trouble are flooding the Internet and even the classified section of local newspapers. Mortgage fraudsters for the most part don't have a conscience and could care less if they steal from your grandparents, neighbors, or you!
The FBI, which has put more than a few of these people behind bars in recent history, is using the intelligence gathered in their investigations to reach out to the public on how to avoid becoming conned with promises of a new beginning, or rescue from their current dilemma.
“And while some of these steps may require you to do a little extra work now in the long run it may save you aggravation, money, and even your house,” according to Special Agent Scott Broshears, a mortgage fraud supervisor with the FBI.
The first recommendation is to get referrals and then check out the licenses of real estate and mortgage professionals with government (state and local) regulatory agencies. They also recommend that you do your own research on what homes have been sold for in your area. Checking out tax assessments is one way to do this.
Beware of too good to be true mortgage deals, especially using a no money down gimmick. Never let anyone talk you into making a false statement on a mortgage application. This is how a lot of people ended up with mortgages they couldn't afford in the first place.
Article comments
1 - Condor
A couple of well worn adages
1. If it sounds too good to be true, it probably is.
2. Caveat emptor (buyer beware)
Use your head people. You're starting to worry me.