Due to the pandemic that hits the whole world unexpectedly, so many people lost their jobs and that has increase the rate of crime in the country. Crimes such as mortgage fraud and scams have increased dramatically. People will do anything to make extra cash these days; including praying on troubled homeowners who are facing foreclosure.
Although the federal and state governments have made several offers available to help individuals through these difficult times, many still indulge in fraud activities.
Reverse mortgages appeal to senior homeowners — and reverse mortgage scammers — because they offer the opportunity to borrow money without making a monthly payment. If you’re 62 or older and thinking about getting a reverse mortgage, be aware of the warning signs of reverse mortgage fraud.
Reverse mortgages are becoming more popular as a retirement planning tool for homeowners, allowing them to access their home equity in various ways. Scammers have additional opportunities to target aging seniors with reverse mortgage frauds as they become increasingly socially isolated. Knowing the warning signs of these scams might help you or a loved one from being duped by con artists.
What to do if you’re a victim of a reverse mortgage fraud
The Federal Trade Commission (FTC) recommends filing a complaint if you suspect reverse mortgage fraud. It would be best if you made a written complaint concerning reverse mortgages with your state’s attorney general’s office, the banking authority in your state, or the Federal Trade Commission. If you believe the lender you’re working with is legitimate, but one of their representatives is misbehaving, you should inform the lender.
If you suspect a reverse mortgage scam, report it even if you didn’t fall for it. Other homeowners will not be harmed if fraudulent operations are shut down.
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.
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