How to Avoid Mortgage Refinance Scams

Photo courtesy of Brande Jackson

You’ve heard about the record low mortgage rates. You know that you could be saving money each month on your house payments. You’ve dared to dream about making this a reality in a time when talking about the potential for an economic windfall is only slightly less taboo than hoarding thousands of pigs in your small apartment.

It’s true that we have started to become afraid of talking about the possibility of an economic turnaround in this country, for fear of jinxing it. However, the time is upon us wherein mortgage rates really are down and lenders really are working with borrowers to increase the terms of their loans.  Now is the time where most people begin to wonder what the catch is.

Unfortunately, we simply cannot claim that there is no catch.  There definitely is a catch, and in this case the catch is that you have a real chance of being scammed if you’re not careful.  Therefore, it is of the utmost importance that you find a mortgage broker, lender, or bank with a sterling reputation to handle your refinance.  Plenty of less than desirable people have taken notice that thousands of other people just like you are interested in refinancing your loan. These are people who understand the potential for their own gain through your loss’s , and you would be best to view these people as wolves in sheep’s clothing.  In one word: BEWARE.

An easy way to ensure that you are indeed working with a very reputable and honest mortgage broker or lender is to make the savvy decision to hire an experienced attorney to work with you throughout the entire refinancing process.  Your attorney will be your virtual attack dog, scaring away any potential scammers before they even have a chance to try to scam you. Look for an attorney who has experience dealing with loan refinances and bankruptcies. Another good idea is to find an attorney or a firm who has developed a reputation with their former clients as aggressive when dealing with financial professionals, guaranteeing even further that you will not be taken advantage of.

Some people feel that hiring an attorney to look over their loan documents is a waste of the money that they are working hard to save, however, oftentimes that faulty line of thinking couldn’t be further from the truth. By hiring a real estate attorney now, the entire loan refinance process will be a much more relaxed  situation for you and your family. The end result will be a guaranteed success, and you will be taking no risks when it comes to to choosing the right mortgage broker and/or lender. Don’t become one of the many who have been scammed by the criminals who are taking advantage of distressed homeowners.

Your real estate attorney can guarantee that you will not be taken advantage of by false promises made by scammers pretending to be brokers or lenders.  Avoid becoming a statistic, especially when it comes to your money and your credit.

One Response to How to Avoid Mortgage Refinance Scams

  1. Pingback: Loan Modification vs Mortgage Refinancing: What’s the Difference? | Veitengruber Law

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