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Learn to Dodge Mortgage Modification Scams with These Tips

Learn to Dodge Mortgage Modification Scams with These Tips


Learn to Dodge Mortgage Modification Scams with These Tips

The mortgage business offers big money, and there are some unsavory characters who try making a quick buck by scamming people. Homeowners who have fallen on hard times and are behind with their mortgage payments need to be especially careful. Attempting to find a way to stay out of foreclosure can lead some folks straight into a scam if they aren’t vigilant.

Avoid falling for a mortgage modification scam by knowing about the most popular ones up front and watching for red flags.

Internet Scams

You may get emails or see online ads that offer to help get your home refinanced. Be careful. Some of them are run by criminals wanting to harvest your personal information and use it to open other lines of credit. Falling for an internet scam can leave you in foreclosure and make you a victim of identity theft (which is time-consuming to untangle).

Phone Scams

Beware of phone calls out of the blue from “mortgage companies” offering help for your foreclosure issues. Like the internet scams, these fraudsters are attempting to gain access to your social security number and other personal details to use or sell.

Repurchase Scams

This scam starts by a “company” offering to temporarily purchase your home from you with the promise to let you rent it, and then sell it back to you when your financial situation improves. However, once they take ownership of your home, they can evict you, sell it, and pocket the money.

Refinance Scams

You sign over part of the interest in your home to the scammer, who is posing as a refinance company. They agree to rescue you from foreclosure and require you to sign some documents. By signing them, you’re really signing ownership of your property to the scammers. It may be months before you find out you no longer own the property, when they hit you with an eviction notice.

Red Flags Signaling Scams

  • The smell test: The adage “if it seems too good to be true, it is” holds up here. If anyone’s selling a way to get out of foreclosure easily, chances are good it’s a scam.
  • Large, upfront fees: Real mortgage companies and organizations that offer foreclosure assistance won’t ask you to pay before services are rendered.
  • Bad advice: If the person or company tells you to stop talking to your mortgage company, or to stop paying your mortgage payments, don’t listen to them. Doing either of these things gets you in deeper financial trouble.
  • Ownership requests: Be leery of anyone trying to “help you” avoid foreclosure by asking for a piece or all of your property to be transferred to them. There’s no legitimate reason to ever do this.

If you’re looking for a bad credit mortgage or a mortgage modification, trust the professionals at MIG. Our experience makes us the perfect partner to help you get and keep your dream home.

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020