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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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Mortgage Servicing Abuses
After you get a mortgage, you receive a letter from your lender saying
that your monthly payments will be higher than you expected. The lender says
that your payments include escrow for taxes and insurance even though you
arranged to pay those items yourself with the lender's okay. Later, a message
from the lender says you are being charged late fees. But you know your payments
were on time. Or, you may receive a message saying that you failed to maintain
required property insurance and the lender is buying more costly insurance at
your expense. Other charges that you don't understand-like legal fees-are added
to the amount you owe, increasing your monthly payments or the amount you owe at
the end of the loan term. The lender doesn't provide you with an accurate or
complete account of these charges. You ask for a payoff statement to refinance
with another lender and receive a statement that's inaccurate or incomplete. The
lender's actions make it almost impossible to determine how much you've paid or
how much you owe. You may pay more than you owe.
Signing
Over Your Deed | |
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Home Equity Scams & Fraud:
Do's and Don'ts
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