Rate State's article goes into detail about the other 4 common scams, most of which are more serious than this.
Seattle, Washington (PRWEB) July 04, 2013
Mortgage scam take on all shapes and sizes, says Rate State in their latest article. They explain that the best way to avoid these scams is to understand what to look for. The article explains the 5 types of mortgage scams; this enables homeowners the foresight they need to avoid getting ripped off.
One scam that could happen to anyone is the “change of lender” scam. The article explains, “Lenders can sell mortgages to other financial institutions. However, both financial institutions are required to send a letter to the homeowner informing him or her about the change of lender. Confirming the existence of both letters ensures that the homeowner cannot be fooled using one of the simpler scams on record, where the scam artist claims to have purchased the mortgage.” If anyone were to mistake a crook for a real lender, their payments would be pocketed. Often, people don't realize they've been fooled until the original lender notifies them of the defaulted loan.
Rate State's article goes into detail about the other 4 common scams, most of which are more serious than this. The other articles on their website are also helpful for anyone wanting advice about their mortgage refinance.
About Rate State
Rate State helps consumers compare today’s mortgage rates through their online comparison tool to ensure they are getting the best rate for their home mortgage or refinance before making their next purchase. They provide consumers with access to the information they need in order to make a decision potentially saving thousands of dollars over the term of their next home loan.