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Avoiding Mortgage Fraud

Some reputable banks and lenders will request application fees; consumers should inquire if these fees are refundable if the loan is subsequently denied. Brokers or lenders who do not return fees might be engaging in shady practices, enticing customers with poor credit, denying loan requests and remanding the application fee.

Highly advertised sub-prime bad credit mortgage products — another common swindle — routinely include a bevy of pitfalls for a potential borrower. Common malpractice involves lenders preying on clients with stained credit records by padding closing costs, folding in points upwards of 10 percent of the loan amount, and applying “junk fees.

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Elderly people with equity attract quite a bit of attention from disreputable lender mortgage pushers. Brokers issue equity loans or refinancing options that include discounted payments — borrowers initially pay only interest portions, then, after several years, monthly payments swell to unaffordable proportions. When borrowers cannot meet these hefty sums, the whole of their equity is stripped by the lender and later sold.

To quickly summarize other disreputable practices:

Fraudulent mortgage brokers target borrowers with equity by extending several concurrent lender mortgages — monthly payments gradually become too much to handle and the borrower defaults the property.

Also, advertising consolidation loans to purge consumers of high-interest credit card debt, dishonest lenders push long term loans that, although contain lower monthly payments, end up costing borrowers (through those long loan terms) more money down the road.

When applying for a lender resdiential or commercial mortgage, always certify the reliability and reputability of the bank or mortgage broker, keep your eyes and ears pealed for signs of fraud, and stay away from guarantees of credit and especially hovercrafts — those things are plain dangerous.

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