Warning Signs for Mortgage Loan Scams
Mortgage loan scams involve the misrepresentation of facts during real estate financing. The common types of mortgage loan scams are escrow wire fraud, loan flipping, foreclosure, and rental scams. Escrow wire fraud is when you get a suspicious message from a scammer with directives on how to make a transaction. The scammers use various strategies to make the messages seem familiar. Loan flipping refers to a predatory lender persuading a proprietor to fund their mortgage continually. Foreclosure relief is when scammers exploit persons struggling with their mortgage costs, with offers to capitalize on their vulnerability. Rental scams are when scammers post property ads to appeal to innocent renters, asking for upfront payments.
The primary method to prevent escrow wire fraud is verifying with the original documents before performing a third-party transaction. To avoid loan flipping, you should work only with known financiers and query all payments presented to you. It is also vital to have trusted advisers that help in making critical financial decisions. The best method to prevent foreclosure is to collaborate with your mortgage servicer. For rental scams, you should be wary of anyone asking for a deposit fee to view a property.
A real estate fraud attorney can help you to ensure that all documents relating to real estate are legal and in the best interest of clients. A real estate fraud attorney also ensures that all forms of mortgage loan scams are avoided. The real estate attorney Glendale CA concentrates in real estate litigation in Los Angeles, California. The attorneys are committed to providing excellent real estate legal advice for their clients with personalized attention. Glendale litigation attorneys represent clients seeking cost-effective and creative solutions. The attorneys apply the right combination of commitment, innovation, and creativity to each case. Minassian Law Group is a led by a solo practitioner that has handled many cases involving all aspects of real estate law.