Every day thousands of people nationwide are cheated out of money through questionable loan modification programs, false identifications by fakers claiming they are the true homes owners and other forms of fraudulent actions.
The mortgage industry as a whole, including escrow and title companies are under close scrutiny these days because of those questionable lending practices and other legal entanglements such as making home loans [mortgages] to individuals with fraudulent identities; negligently allowing the bad guys then to take millions of dollars in equity, leaving home owners unaware and even worse, homeowners are left having to repay the much larger loan!
Still further, there are misleading programs with sub-prime interest rates that are exorbitant with unnecessary fees; propelling a borrower into even deeper debt. Are you at risk? Your truthful answer may surprise you.
Traditional Targets of Mortgage Loan Fraud
People from all walks of life can be taken for a ride by an unscrupulous lender. Here are a few groups of people who commonly attract fraudulent interest rate and fraudulent real estate-related loan scenarios:
- Senior Citizens: Sadly, the oldest among us are often targeted by brokers who want to take advantage of them–and gain access to their life savings. Prior to engaging in any type of real estate transaction, elderly persons are advised to seek the assistance of an experienced attorney. Going it alone is a guaranteed way to get scammed during a real estate transaction.
- Lower Income Families: Low income individuals and families are more susceptible to mortgage and home loan fraud because they have fewer options for loans. Many times, people feel backed into a corner and are desperate to receive financing–regardless of the details. An experienced lawyer can protect their rights.
- People with Poor Credit: Those who have poor credit are a frequent target of underhanded brokers and crooks looking to make a fast, but dishonest buck. If you are looking for a mortgage or for a loan modification, retain an experienced attorney to ensure you aren’t duped out of a substantial amount of money.
If You’re the Victim of Loan Modification Fraud
Mortgage modification fraud comes in many shapes and forms. Some con men simply make big promises, collect an up-front fee and then disappear. Others may try to charge for services that are available free through the government or your lender. Still, other crooks may try to convince you to transfer your home’s title to them with a promise to lease it back to you or sell it back to you once you can afford to make the mortgage payments.
If you think you may be a victim of loan modification fraud, contact an experienced attorney as soon as possible. Depending on the specific circumstances of the scam, your lawyer may be able to help you recover your money or regain ownership of your home.
If you believe you have been the victim of MORTGAGE FRAUD, call the Law Offices of Morton Grabel.
Please note: the information provided herein is general and not be relied upon for your circumstance or case. For further information or if you have any legal questions please call the Law Offices of Morton J. Grabel, in Temecula at (951) 695-7700. Mort originally from Philadelphia, PA is a graduate from an ABA Law School, has an MBA, a California Nursing Home Administrator’s License & a California Real Estate Broker’s License [both active and in good standing].