Mortgage and real estate are few of the popular industries in the US and so the chances of fraud are big news in America. In fact, the situation is so severe that the Obama administration has made investigation of these types of fraud a high priority. Although government is doing best at their end but you must have to have some precautionary measures too. Here’re few that can help you avoiding mortgage and or real estate fraud:
- Be cautious of any business that claims it is “sanctioned” or else affiliated with the federal government.
- Beware of any advertisement that states “lowest rates, lowest fees guaranteed etc”
- Avoid the businesses that charge you upfront fees and especially those are non refundable.
- DO gain yourself of free consultations with HUD approved housing counselors. These can and do include mortgage loan originators (loan officers) affiliated with mortgage brokers licensed to do government loans
- DO take advantage of referrals from friends, family, your realtor, accountants, attorneys, insurance agents, and any other source you feel is reliable.
- DO check out the business with both local and federal consumer protection agencies.
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