Signs Of A Mortgage Help Scam

The Federal Trade Commission is warning homeowners about mortgage "rescue" offers. The advertisements for these types of offers are consistently appearing on the radio, in newspapers and on the Internet.

The idea of losing your home is stressful. That's exactly why mortgage rescue offers are so successful, because they prey on the already stressed emotions of the homeowner.

The prospects of losing money to scam artists behind these mortgage rescue schemes makes a bad situation even worse.

The red flags to watch for that may indicate a scam include:
they want to try collecting large fees up front before any services are provided; they try collecting one or more mortgage payments up front from you; they try taking possession of the title to the house (even temporarily); you are asked to promise not to contact your lender;you are pressured to sign documents quickly without them allowing you time to read them or prior to consulting with an attorney or credit counselor.

One twist to watch out for is if the offer entails you signing over the title to the house and then paying them rent to stay in it. These wolves in sheep's clothing are not your friends, but will certainly go out of their way to establish trust in order to get you to seal the deal.

Reliable sources for mortgage assistance can be accessed through making homes affordable and hope now.

Mortgages For Credit Scores 580 And Below
Can't find a co-signer for a mortgage? Try an FHA loan. If your credit score is above 580 and you have good income and little other debt, you may qualify for a program with a down payment as low as 3.5%. If your score is below 580 you may still get approved, but the down payment minimum jumps to 10%. Just submit a single loan request and you will be put in touch with multiple competing lenders. Even if the system tells you that you may not qualify for a conventional loan, try to go to the FHA Loan route.

Blazing fast FHA loans, low rates
You can compare rates and save money with nationwide approvals to compare FHA home loan rates and save. You can get offers from multiple lenders, even if you have damaged credit or no credit at all.

Reliable sources for mortgage assistance can be accessed through resources provided by making home affordable and hope now.