12 Quick Tips For Getting A Mortgage 1. Watch out for the 'Deal Of A Lifetime', the deal that seems too good to be true. The company may be saving money by cutting back on their level of service. 2. When getting a fixed rate: get a written statement which details the interest rate, how long ... Bad Credit Home Loan - How To Get A Good One? Getting a home loan with a bad credit has never been easier. Here are some of the tips recommended by experts to improve your chances of getting a home loan:Find a good deal on your home:If you can snap up a home as cheaper rates compared to the local ... Refinancing With Cash Out Refinancing With Cash Out If you have lived in your home for a reasonable amount of time and have acquired equity through appreciation and monthly mortgage payments, you may be considering liquidating some of that equity by refinancing with cash ...
Foreclosure Scams to be Aware of
Homeowners facing foreclosure should be aware of unscrupulous lenders and scammers. Don't get me wrong, most lenders and agencies are reputable and legit. However some lenders, commonly second mortgage issuers will use unethical practices that increase the risk of nonpayment by the borrower. These tactics may include lending a large amount in hopes that the borrower will not be able to keep up with the payments, charging outrageous interest, points or fees. They may also repeatedly refinance the loan without any real beneficial reason to the borrower. Homeowners facing foreclosure are often targets of these scammers because they are seeking any solution possible at the time. One of the most common tricks is an “equity skim”. What is equity skimming? This is when a buyer approaches you and offers to get you out of foreclosure buy paying off the mortgage or offering money when the property is sold. They will often suggest you move out quickly and sign the deed over to them. They will then collect rent from the property and fail to make payments on the mortgage. The lender will continue the foreclosure process and foreclose. Signing over the deed does not mean you are no longer obligated to make mortgage payments.
Another trick scammer's use is to set up a “counseling” agency. They may contact you offering to do certain services for a given fee. Often times these are thing you can do yourself for free. It is important to note that most services are legitimate and will provide lots of great help.
So what do you do if you suspect you are being duped? The most important things is don't sign any documents unless you fully understand what you are signing. If the party you are dealing with makes any sort of promises make sure they are in writing. If you arrange a contract of sale loan assumption make sure you know weather or not you are released from liability of the debt. Consult with your attorney before agreeing to any deal that involved your home. Should you decide to sell your home to stop foreclosure, have a look at any possible complaints pertaing to the prospective buyer.
About the Author Mark Lambie is the owner of Stop Home Foreclosure a website for helping people facing foreclosure
Mortgage Refinance News
U.S. Banks Offer Mortgage Rates Below 5% as Fed Buys Securities - Bloomberg Jan. 8 (Bloomberg) -- The largest U.S. banks are starting to offer fixed home loans below 5 percent after the government began buying mortgage securities to bolster the housing market. JPMorgan Chase & Co. is advertising 30-year mortgages as low as 4 ...
Waco banks seeing a boom in mortgage refinance applications - Waco Tribune-Herald With mortgage rates hitting record lows, Mary Jo Teakell is seeing a growing backlog of refinance applications. “We’re quite busy right now,” said Teakell, senior vice president at Extraco Banks, commenting on the surge in people wanting to get ...
Don't miss the refinance window - HometownAnnapolis.com CHICAGO - Lured by low mortgage rates, many homeowners have been rushing to refinance. Interest is gaining for good reason: Eligible borrowers can lock in rates that haven't been this attractive in decades. "With interest rates hovering around 5 ...
Mortgage Rates Drop, Owners Refinance Save Email Print - WOWT Mortgage rates continue to drop. This week rates on 30 year mortgages fell to a record low. The lowest level since 1971. John Kortes loves his turn of the century home. He bought it in 2001. Kortes has updated his kitchen, the appliances and now he ...
