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Protect Yourself From Mortgage Fraud
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About Video :
In this new web commercial from Freddie Mac, learn to spot a foreclosure scam and find out how to avoid becoming victim to home foreclosure fraud. (Follow this link for a Spanish version: www.youtube.com/watch?v=qQQJ6unRYaY)
Niicss's Opinion Here it is shown how you are being cheated when they actually saying that they are helping you out. You loose you home, your equity and everything. So talk to your lender if you have any problem regarding your mortgage problem and avoid such the third party mortgage frauds.
In this financial crunch, this type of Mortgage fraud has been increased to a great extent. So be aware of such mortgage heroes before taking help from them.
Well Niicss, it's a very good selection of video. To all who are in loan default and whose homes are likely to get foreclosed, this is a must-watch video. It tells you in simple way how foreclosure frauds are committed and how to start off if you need mortgage help.
Joined: 05 May 2008
Posts: 328
Location: Houston 75.44 Dollars($)
Posted: Fri May 09, 2008 6:32 am
Excellent video! This should be sent to everyone who is "having difficulty" paying thier mortgage. Becuase now there is information being floated around of people that have not even been posted for being in default. They have discovered a way to filter through data and discover people who have only missed a one payments on thier mortgage. Of course this information can be purchase for a price. Lets continue to beat the drum about mortgage fraud and put these scammers behind bars!!!
I’m sorry not to bow to Mecca on this one. I’m really surprised Freddie put their name on it. Are people really THAT stupid? OK, I’ve run across folks looking at option ARMs that thought the “fixed” rate was fixed for 30 years. But now we have Freddie saying they (from the target audience) are buying loans made to gullible and/or stupid borrowers. Makes me question whether a responsible broker would want to have they name associated with Freddie. Very bizarre video since it shows IN BOLD PRINT what these folks are signing – a quit claim deed.
Your point is a good one and many people raise your point. However, the simple fact is there are many unsophisticated people out there who do not know what a quitclaim deed is. In addition, courts also agree that for a layman to understand what a quitclaim deed is thier needs to be supporting documentation stating that the individual signing the quitclaim deed is giving up thier interest in a property.
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey 488.43 Dollars($)
Posted: Tue May 13, 2008 6:06 am
A very valid point raised by cliff and the guest. Yes there are people who don't know how a quitclaim deed works and even some aren't aware that it doesn't work if you don't notarize and record it. They simply sign deeds amongst their family members without even recording it! and when time comes and someone claims their property they're simply lost!
This is terrible, how are they getting away with this, I am glad that this video is here, I am sure that people will fall for this if they are in a bad situation. thank you for putting this video on here for people to see and making us aware that these frauds are out there.
There is always good information and more importantly the information is up to date with what is really going on. I love the video section of this site, there are so many topics covered.
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