Top Mortgage Scams and How to Avoid Them

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Top Mortgage Scams and How to Avoid Them
The top mortgage scams are easy to spot and relatively easy to avoid. With a little due diligence you can avoid most scams.

Top Mortgage Scams – Mortgage Problem Emails
E-mail mortgage scams are the most common. There are countless e-mail mortgage scams going on every day. Some are more cleverly disguised than others. Typically they try to capture your attention by saying something about your current mortgage. The message could be that there is a problem with your mortgage or that your mortgage has been sold.
These e-mail scams usually have the actual logos of one of the large banks on it. They will look pretty official. The best way to see how legitimate it is would be to left click-over any of the links and see what the URL it would take you to is (do not right click to follow the link). You will likely find that it does not go to the domain of the bank it is allegedly from.
Keep in mind that banks never communicate any information as important as information about your mortgage via e-mail. Before clicking on links or filling out information on any websites or e-mails make sure you call your lender and ask if the email is legitimate.

Top Mortgage Scams – Insanely Good Offers
The second most popular email scam is ridiculously good offers being made via e-mail. You will get e-mails saying you are qualified for or have been approved for a mortgage at rock-bottom rates. Keep in mind that you cannot possibly be approved for a mortgage you never applied for, nor can you be pre-qualified.
Unless you have specifically applied for a mortgage or pre-qualification you should delete any e-mails you receive about them.

Top Mortgage Scams – Loan Modifications
The scam artists are taking advantage of the housing crisis and are posing as loan modification specialists. They promise to get you a loan modification and want upfront fees. First and foremost, before you do business with anyone make sure you have confirmed they are registered with the Better Business Bureau and that you do a Google search for their name and their company’s name.
Demand anything and everything in writing (and not via e-mail). Take extra precautions when transacting business with people you have not met personally.
If you take these steps you can avoid many of the top mortgage scams.

This article is intended for general information. Always seek sound financial and legal advice before making any financial decision.

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