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No such thing as a dumb question

There’s No Such Thing as a Dumb Question: Tips to Help Prevent Mortgage Fraud

No such thing as a dumb question

Most people want to achieve the “American Dream” of home ownership at some point in their lives, no matter their financial situation. Because we are living in a fluctuating financial and home mortgage market; homeowners, novice and experienced alike, are looking for financing and re-financing savings. This creates fertile ground for mortgage fraud and other mortgage marketplace scams.

 Here are important tips to help you live your “American Dream,” while protecting yourself and your loved ones from mortgage fraud.

 

  1.     In the wise words of Smokey Robinson (and your Mama), “You better shop around…” Do your homework, compare offers, rates and features. Be cautious and make sure your sources of mortgage offers are reputable. Information is power. Ask questions.

 

  1.     Get a second opinion. Seek advice and be teachable. Develop a mentor relationship with your financial adviser, your credit union representative or someone you trust who knows more than you. Ask questions.

 

  1.     Be suspicious of mortgage modification vendors that approach you via flyers, radio/television, or the Internet with promises that seem too good to be true; because most likely they are. Yep, ask questions.

 

  1.     Never sign a mortgage document of any kind that has incomplete or inaccurate information.  Don’t be a sucker for “We’ll take care of everything,” or “We’ll fill that in later.” Contractual agreements were created for your protection. Be clear about what you are agreeing to, understand the total borrowing cost over the life of the loan, and you guessed it, and ask questions.

 

  1.     If you are a homeowner struggling to make your payments, be particularly aware of mortgage assistance relief scams. Contact the Department of Housing and Urban Development (HUD), toll-free 24hour hotline at 888-995-HOPE (4673) to speak to an expert advisor in more than 160 languages. They are waiting to help you and to hear your questions.

 

  1.     Last but not least, ask another question, and another, and another; because there is no such thing as a stupid question. See, your teachers were right all along :)