Let's review a typical predatory lending scam:
1. Materials produced by a scam organization will tell prospective borrowers that if they were to go with the mortgage company the borrower will have lower monthly payments and save money (in other words, the "hook").
2. Many times clients are told that there are no closing fees or up front costs. However, unfortunately, many times such costs and fees exist.
3. Loan fees and closing costs are normally added to the borrowers principal, hence the closing fees and additional costs are hidden.
4. With some loans, the lower monthly payments are disguised as balloon payments which come into play years down the line.
5. Extra products, such as extra insurance policies, are sometimes added to the mortgage unknown to the borrower.
1. Materials produced by a scam organization will tell prospective borrowers that if they were to go with the mortgage company the borrower will have lower monthly payments and save money (in other words, the "hook").
2. Many times clients are told that there are no closing fees or up front costs. However, unfortunately, many times such costs and fees exist.
3. Loan fees and closing costs are normally added to the borrowers principal, hence the closing fees and additional costs are hidden.
4. With some loans, the lower monthly payments are disguised as balloon payments which come into play years down the line.
5. Extra products, such as extra insurance policies, are sometimes added to the mortgage unknown to the borrower.
NOTE: THE INFORMATION IN THIS BLOG IS NOT LEGAL ADVICE NOR
IS IT INTENDED TO BE LEGAL ADVICE. IF
THE READER HAS ANY LEGAL QUESTIONS, PLEASE REFER TO AN ATTORNEY.
----------à>>>>>>>>>>>>>>>gene
tausk
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