How to Avoid Common Mortgage Refinance Scams


If you don’t pay your mortgage, it’s much
more likely you’ll fall victim to a refinancing scam. I’m Ilyce Glink with Today’s Real Estate
Minute. When you fall behind on your mortgage payments,
your lender files a notice of default. This makes your financial problems – and your address
– public record, and makes you vulnerable to scam artists. Homeowners have reported losses totaling nearly
71-million dollars to the Loan Modification Scam Prevention Network. The bulk of this
money is lost in fee payments to scam agencies – more than 3-thousand dollars per homeowner,
on average. According to LoanScamAlert.org, common refinancing
scams include phony counselor services and fake government modification programs. In
each case, you’ll be charged fees for services that are never provided. Protect yourself, avoid anyone who solicits
mortgage relief door-to-door, and say No if the service includes up-front fees. Contact
your lender first for help refinancing your mortgage. I’m Ilyce Glink, for more mortgage scams
visit my website, ThinkGlink.com where we’re rebuilding America, one house at a time.

1 thought on “How to Avoid Common Mortgage Refinance Scams

  • If your mortgage is held by Wells Fargo, don't contact your bank!  They scammed us on a HARP refinance and tried to persuade us into a falling behind on our Mortgage so we could apply for a HAMP loan modification instead. When we refused to fall for this bait, they denied us the HARP refinance that would have saved us more than $3000 a year in interest for 30 years, even though we were perfectly qualified.  They used a a fabricated 'title issue' when they couldn't find any other way to deny us the refinance…. I repeat, stay clear of Wells Fargo. If you don't, we hate to say 5-8 months down the road when they steal your home "I told you so"…. do your homework… more than 333,000 consumer complaints filed against Wells Fargo alone at the Consumer Financial Protection Bureau and over 500 fraud and conspiracy lawsuits filed against Wells Fargo!

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