November 26th, 2014 7:54 AM by Jackie A. Graves, President
Fraud Awareness Week," an
opportunity to review the best ways to avoid some of the most common mortgage
and real estate scams being tracked by Freddie Mac's Financial Fraud
Investigation Unit (FFIU).
continue to warn borrowers about companies that may promise to fix mortgage
problems for large upfront fees. Financially troubled borrowers can typically
get the same help from a HUD-approved counselor, or their servicer (the lender
that collects the mortgage payment) for much less (or sometimes for free).
A borrower should
never sign a 'quick claim deed' or give the title of their home to anyone
promising to rent it back until he or she can afford to own it again. Once the
fraudster has title, they can evict the borrower and sell the house.
Renters should beware
of phony rental ads on the Internet fraudsters use to pick-up personal credit
information and personal checks for rent and security deposits. Many of the
homes fraudsters use in the ads are pictures of foreclosures being advertised
for sale by someone else. To protect yourself don't share personal credit
information on the Internet, verify that the house is really for rent, and
verify the property's true owner by calling the local county recorder's office.
Here's what to remember: Borrowers in financial trouble should
always contact their servicer or a HUD approved counselor and be suspicious of
too-good to be true offers from so-called mortgage experts. For more
information, or to report a mortgage fraud, see Avoiding Fraud or
call our Fraud Hotline at 1-800-4FRAUD8 (1-800-437-2838).
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