Having Trouble Making your Mortgage Payments? Avoid these Scams
Having Trouble Making your Mortgage Payments? Avoid these Scams
Foreclosure Prevention Specialist
They find you in your darkest hour when it looks like you have no other options. They promise you that they will save your home and give you hope which deters you from seeking any real financial help. All they really are is a fake advisor who charges you a very high fee to run through a few financial papers that you could have done in the first place.
Bait and Switch Method
You may be told that you can refinance with a favorable lower rate at a later time but that time never comes. Another bait and switch method could be they give you an initial agreement with a fixed low rate loan but the actual mortgage note at closing is not that at all but one with much higher fees and what is considered to be a balloon payment loan. Whatever the bait and switch method happens to be, it is not ethical business practices.
Lease Buy Back
You will be offered to sell your house to an investor who will lease it back to you in attempts to rescue you from foreclosure. This is not what ends up happening in this situation. Instead, you will most likely not be able to pay the terms of this contract and the investor will walk all with all your property's equity.
Please avoid these unethical business practices and talk to a real financial counselor or advisor such as the U.S. Department of Housing and Urban Development (HUD) or Homeownership Preservation Foundation (HPF).
If you are interested in refinancing your home for a lower interest rate or just want to keep up to date with important mortgage industry news, visit our website at www.aapexfinancial.net , follow our blog at www.aapexfinancial.blogspot.com, or join us on Face book at http://www.facebook.com/#!/pages/Irmo-SC/Aapex-Financial-Solutions/95261569547