Download our Free BrochureHow to avoid Foreclosure
Do you want to save your home?
We specialize in out-of-court resolutions of Mortgage Foreclosures by negotiating with your lender. Let our expertise help you save your home. We can give you the Foreclosure help you need.
-
Stop Foreclosure News
Please call our Toll Free number
1-866-544-0990 or fill out our FREE QUESTIONNAIRE and we will respond to you promptly
|
|
|
|
|
 |
 |
|
|
|
Mortgage fraud is becoming an epidemic
Why would a lender provider mortgage to someone who can't afford it? Because the lender gets paid up front and in some cases the original lender will sell the loan outright to another mortgage company for an additional fee. In that instance the first lender could care less whether the customer follows through with the mortgage or if even can afford it. These unscrupulous actions have contributed greatly to the number of foreclosures across the United States.
Many states are in the process of developing new rules and regulationsthat govern mortgage companies. Colorado for instance, did not even have a license requirement for mortgage companies until a year ago. This allowed small mortgage companies to run unchecked and cause a lot of people to get into loans they could not afford. it is no coincidence that Colorado has led the United States and foreclosures for the past two years. Hopefully these new laws will eliminate the mortgages that are destined for foreclosure.
Here are our top ten warning signs of Predatory lending or mortgage fraud:
1. Were you encouraged to include false information on your application?
2. Were you are asked to leave any signature lines blank or any important lines on the form blank? Did your mortgage broker alter any of the information on the application?
3. Did they send you a good-faith estimate or truth in lending disclosure?
4. Did they send you a completed HUD-1 statement?
5. Have you refinanced your house multiple times?
6. Is your loan amount higher than the value of your home?
7. Does your appraisal appear higher than houses of equal size and quality in your area?
8. After the settlement, were you surprised to find your monthly payments were higher than what you were told?
9. In closing did they throw anything in that wasn't disclosed in advance?
10. Were you required to buy credit insurance?
If you answered yes to any of these questions you are encouraged to seek advice from your local Attorney General to determine if you are a victim of mortgage fraud.
Post a Question or Comment
Search The AFS Blog
IMPORTANT NOTICE: American Foreclosure Specialists (AFS) and our services are not approved by the government or your lender. www.afscanhelp.com is not associated with the government, nor is it a government sponsored website. To access information on government sponsored assistance, please visit makinghomeaffordable.gov. You need to know that even if you accept our offer and use our service, your lender may not agree to change your loan. Also, if you stop paying your mortgage, you could lose your home and damage your credit rating. Work Out and Loan Modification Plans vary and are dependent upon mortgage company criteria and financial information gathered as part of the efforts AFS provides. The information and notices contained on this website are intended as general research and information and are expressly not intended, and should not be regarded, as financial or legal advice. We attempt to ensure that the material contained on the website is accurate and complete at the date first published, however you should recognize that information contained on this website may become out of date over time. Readers who have particular questions regarding real estate law, finance, or who believe they require legal counsel, should seek the advice of a financial advisor or an attorney. AFS is neither a bank nor an attorney company. By submitting this contact request, you are consenting to be contacted by foreclosure specialists by telephone and/or email, even if you have previously listed yourself on any state or federal Do-Not-Call List.