Refinancing & Home equity loan scams
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This site is dedicated to exposing scams and rip-offs
and help find legit opportunities.
Home equity loan scams
Don't take out a home equity loan with high fees or high interest rate unless you absolutely need to. There are a lot of scam loans out there with low monthly payments but sky high interest and fees. Take the time to go over the math before you take out a loan to pay off other debts with. Understand how much money you will have to pay with the new loan compared with just owing the old loans. Also be wary of how long the loan is for. You could be paying for a long time mean while accruing new debts
Refinancing scams
Some scams offer refinancing on your home to lower interest rates or to save your self from foreclosure. Be careful, some people are finding out that a month or so later that they get an eviction notice because their house was sold!
Don't sign any papers without fully understanding them. Have an attorney who knows real estate look things over before you sign. After all it’s your house!
Often these "loan officers" want you to sign a power of attorney. You do not want to sign these papers.
Sometimes the loan officer tells you up front that the home will be sold temporarily to some investor in exchange for stopping foreclosure. The problem is that you have to pay a lot more to get the house back than you expect, If you can get it back before the house is sold to some one else.
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