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The Practices:
Equity
Stripping
The
Balloon Payment
Loan
Flipping
The
"Home Improvement" Loan
Credit Insurance Packing
Mortgage Servicing Abuses
Signing Over Your Deed
Do's and
Don'ts
More Info
Home
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Protect Yourself
You can protect yourself against losing your home to inappropriate lending
practices. Here's how:
Don't:
- Agree to a home equity loan if you don't have enough income to make the
monthly payments.
- Sign any document you haven't read or any document that has blank spaces
to be filled in after you sign.
- Let anyone pressure you into signing any document.
- Agree to a loan that includes credit insurance or extra products you don't
want.
- Let the promise of extra cash or lower monthly payments get in the way of
your good judgment about whether the cost you will pay for the loan is
really worth it.
- Deed your property to anyone. First consult an attorney, a knowledgeable
family member, or someone else you trust.
Do:
- Ask specifically if credit insurance is required as a condition of the
loan. If it isn't, and a charge is included in your loan and you don't want
the insurance, ask that the charge be removed from the loan documents. If
you want the added security of credit insurance, shop around for the best
rates.
- Keep careful records of what you've paid, including billing statements and
canceled checks. Challenge any charge you think is inaccurate.
- Check contractors' references when it is time to have work done in your
home. Get more than one estimate.
- Read all items carefully. If you need an explanation of any terms or
conditions, talk to someone you can trust, such as a knowledgeable family
member or an attorney. Consider all the costs of financing before you agree
to a loan
More Info
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| ;HomeEquityScamsFraud
Home Equity Scams & Fraud:
Do's and Don'ts
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