What is a reverse mortgage? Reverse mortgages, also known as home equity conversion mortgages (HECM), have increased more than 1,300 percent between 1999 and 2008, creating significant opportunities for fraud perpetrators. What are reverse mortgage scams? Reverse mortgage scams are engineered by unscrupulous professionals in a multitude of real estate, financial services, and related companies [...] Read more »
New Jersey Judge Rules Bank Can Forclose Despite Lost Mortgage Note
(Source: By Kathleen Lynn, The Record, Hackensack, N.J.) A Bergen County judge has ruled that a lender can foreclose on a mortgage even if the lender doesn’t have the mortgage note because a previous lender lost it. Bogota homeowner Janett Alvarado challenged Bank of America’s right to foreclose on her home, arguing that it did [...] Read more »
Foreclosure Rescue Scams: Another Potential Stress for Homeowners in Distress
The possibility of losing your home to foreclosure can be terrifying. The reality that scam artists are preying on the vulnerability of desperate homeowners is equally frightening. Many so-called foreclosure rescue companies or foreclosure assistance firms claim they can help you save your home. Some are brazen enough to offer a money-back guarantee. Unfortunately, once [...] Read more »
What You Should Know About Predatory Lending
What is Predatory Lending? “Predatory lending,” has become shorthand for describing a variety of lending practices that may be disadvantageous to borrowers. Abusive or predatory lending – whether undertaken by creditors, mortgage brokers or home improvement contractors – may involve fraud or deception, manipulating borrowers through aggressive sales tactics or taking unfair advantage of a [...] Read more »
Foreclosure FAQs
Many foreclosures can be prevented by calling your mortgage company and asking to speak to someone in the “Loss Mitigation Department” about loan workout solutions, such as, a repayment plan, loan modification agreement, forbearance agreement, loan assumption or a deed-in-lieu of foreclosure or short sale. You may also be eligible for various State and Federal [...] Read more »