February 9th, 2010
I'm sure you've noticed many recent headlines about mortgage fraud, mortgage lender "misdeeds" and even arrests. It seems it's in the newspapers, on television, and on line. Even links are presented on Facebook and Twitter informing of the issues this country currently faces. If you haven't been aware of these issues, here are a few examples to bring you up to speed:
Defendants Arraigned in Suffolk County Mortgage Fraud
Two Indicted in Mortgage Fraud Scheme
Arrests Made in Alleged Orange County Loan Mod Scam
After Audit, HUD Office Files Charges Against Georgia Lender
N.J. Lender Subpoenaed by HUD, Stops Funding
So why would a mortgage lender bring this up? Because we believe it makes sense to do your due diligence when preparing to sign a contract - a contract/loan that will most likely be the largest investment you'll ever make.
If you're considering purchasing a new or refinancing your current home, we encourage you to do your homework. The same goes for any other type of transaction that includes your residence (home equity, reverse mortgage, etc.). Check out the mortgage company. Ask friends and neighbors for referrals. "Interview" a few before making your decision.
And when you're ready for that next loan, we'll be happy to assist you. Honestly, ethically and in your best interest.