Mortgage fraud is a deceitful act of unauthorized organizations. Mortgage is a loan secured either by property or a real estate in exchange of the funds received by the borrower from the lender. The buyer has to pay back the funds to the lender within a stipulated time frame. Frauds related to Mortgage are rampant, If buyers are not heedful, it could turn out to be a regretful experience. Scroll down to learn more about dealing with mortgage.
Tips to keep-off Mortgage Fraud via Aurum-Re
Interpreting the documents
The documents of mortgage has to be read before the signature is made. Despite the document being legitimate, the chances are high that you might not know what you could be signing on. Take ample time and read through the documents. Extend your time if you require more time to review the documents.
Avoid sharing personal information with unauthorized individuals
During the attempts of seeking Mortgage, you will have to deal only with two people. One being the lender or the other being the mortgage broker. There are instances, when a third person might intervene, this indicates something is faulty. There are chances that the third party may be involved in a suspicious activity. Remaining alert helps in a great deal.
Stop considering the assurances
When an organization promises that the loan can be altered or they can stop the proceedings from occurring. It is a clear tactic of mortgage fraud. The mortgage process does not involve guarantee, usually in the initial phases. You can have an assurance until the process has been accomplished and everything has been revised on both the sides.
Avoid making direct payment
Avoid making payment before you have experienced services. Ensure the rules and regulations before you seek a mortgage. Since each state possess a different way of handling the mortgage services.
Seek details for better understanding
If you have any queries or if you need any clarity, do not hold back to take the matter forward to a lawyer or accountant. Ensure that you are not being compelled to have mortgage services, when you are not aware of the process. Seek services from reputed organizations who will provide you with the much needed guidance.
Avoid providing false information
Do not provide false information while applying for mortgage services. You may be compelled to provide false information on details like down payment, earnings. It is a mode of enticing you since you need mortgage services immediately. Always look for a deemed organization for mortgage services.
Beware of “No down payment policy”
There are certain policies such as “No down payment” for military individuals and those with high credit rating. There are certain companies which deceive you by saying “No down payment” . Make sure that you are not trapped in to such mortgage frauds. Do a thorough research to experience a good deal.
Beware of Scams
Though there are a plentiful of reputed organizations who help those with mortgage crisis. You must be capable of dealing with such rescuers. Do not get enticed with the attractive offers they o provide you with. Though it is inviting, it will land you in trouble.