Black homeowners continue as the number one target for scam artist around the country.ブラック融資 As many homeowners scramble to keep their homes out of foreclosure, scam artist rush in to take advantage.
As desperate home owners search to refinance before their sub-prime mortgages adjust, shady mortgage brokers offer heavy fee laden refinancing. In addition, unlicensed contractors offering cheap prices often approach cash strapped homeowners trying to make overdo home repairs – but perform shoddy work.
The latest FBI Financial Crimes Report state today’s mortgage fraud as “pervasive and growing, often thriving on collusion between industry insiders.Mortgage finance violations reported by financial institutions increased from 4,225 in 2001 to 17,127 last year, and the money lost in these types of fraud doubled in the past year.
The desperate and uninformed homeowner unfortunately attracts desperate lenders, contractors and repairmen with unsavory intentions. The primary advantage scam artist continue to have over the Black homeowner is lack of current information. The primary source of information for many Black homeowners (especially first time home buyers and the elderly) is whatever loan officer, contractor or repairman they talk with first.
This puts the homeowner at a disadvantage because they have nothing to compare the information they give them with. So, they simply take their word for whatever they tell them if it “sounds good” … and sign whatever papers they place in front of them.
Here Are The Top 3 Current Assaults on Black Homeowners.
I. Foreclosure Rescue Scams:
With the increase in foreclosures many companies and individuals find many Black homeowners, especially the elderly, easy prey. Equity skimming, loan flipping and outright theft of property continue to fill case files across the country.
If you’re in foreclosure take action pronto. Talk to your lender and ask them about restructuring payments or refinancing. You should also understand the rules of foreclosure in your state, such as the timetable for where you are in the foreclosure process.
Take advantage of the many free foreclosure counseling services offered by H.U.D as well as many State, county and local agencies.One of the major problems of Black homeowners who’ve lost their homes in the past two years was waiting too long to take action. The sooner you take action – the more the lender’s motivation to work with you. The longer you wait to take action the less patience the lender will have.
II. Unlicensed Contractor Scams:
As tight finances squeeze more Black homeowners, home repairs sit neglected or delayed until something major happens like a roof leak, plumbing problem or electrical mishap.
To cut corners more homeowners take a chance by hiring unlicensed contractors – who have no governing body to regulate them. In addition, they carry no insurance to cover them in case of injury (which they could hold you liable for). Plus they often have very little or no up-to date training in their skill.
Department of Consumer Affairs offices across the country report a growing number of homeowner complaints because of unlicensed contractors.
III. Loan Flipping Schemes:
1. An example of loan flipping is when a lender convinces you to refinance. A few months later, the lender offers you more cash by repeating the procedure. But with each loan, you pay additional charges (points and fees). Soon the loan grows too much to handle.
2. Another example is when a contractor offers to arrange a loan to help you pay for a major repair or remodeling job. After the contractor begins work and starts tearing your house up – you’re asked to sign additional loan papers with extremely high rates and fees.
If you don’t sign them he threatens to walk off the job, in the middle of repairs. In fact, the lender may have already paid the contractor a finders fee – giving him less motivation to finish the job. Stuck with this dilemma most homeowners sign the papers and eat the high interest rate and fees.
If you’re facing this problem, immediately contact your states Department of Consumer Affairs.
There’s a growing problem among Black homeowners. That problem? Those who know of the dangers and fail to inform other Black homeowners. This is why most scams continue to practice and perfect themselves on Black and minority neighborhoods before moving on to other neighborhoods.
This is one of the reasons scam artist can run through a Black neighborhood and quickly decimate it with fraud, bad loans and shoddy home repair before anyone stops them. In addition, Black homeowners who don’t know fail to seek the right information from people who do know … Before it’s too late.
Being aware of these scams is your first line of defense. Your second line of defense is being extra cautious of signing papers you haven’t read thoroughly and understood, including (and especially) the fine print.