What! No Money Down? – Homeowners Beware!
Loans of this type are sure to be a scam and should be avoided to prevent being one of the increasing numbers of victims of Mortgage Fraud. According to the FBI, as the economy sinks deeper, the chances of fraud also increases due to the dire need for money. People have been known to engage in anything in desperation which is what these crooks are counting on.
Any coercion by a broker or agent to issue false pretenses regarding your mortgage is also a good indicator of such activity so do your homework. With regards to brokers, get referral’s from friends and family so you don’t get victimized. Be sure to secure your personal information and deal only with honorable brokers. Those who help you for free might be after more than just your thanks!