When it comes to mortgage scams, it’s really easy to get hoodwinked into signing away your house without every realizing it. Deed theft is one such scam that is a serious problem here in the United States. Ever since the housing market collapse a few years ago, people have been suckered into scams like deed theft which take advantage of people who are quickly approaching a desperate situation in order to keep their house. Ace Mortgage Loan Corp always values honesty and transparency above all else and we hate to hear about people who fall victim to these terrible scams. Let’s take a look at how deed theft scams can happen.
Deed thefts are often billed like any other mortgage scam. A desperate homeowner is offered a deal that seems too good to be true, often portrayed as a mortgage rescue or fast and easy refinancing. Just to bolster the notion that these scammers have absolutely no moral values to speak of, many prey on the elderly and others who are perceived as weak and gullible. People can get so caught up in the great deal they are getting that they totally overlook the fine print. They are fixated on the lies being told to them by an experienced scammer who has probably done this a thousand times.
Most scams are set up to look like a simple refinancing of a mortgage. However, the homeowner has no idea that when they sign the papers, they are actually selling their house. Avoiding a foreclosure is pretty much impossible when you no longer own the home. Many refer to this type of scam as a predatory loan. The scammer is supposed to make the refinanced payments with your money, but instead they take it and run. It could be months before a homeowner even realizes what happened. Deed theft scams are rampant across the country and have caused some people to lose hundreds of thousands of dollars and in some cases, they even lose their home.
Don’t ever trust your home to someone who seems too good to be true, because there’s a good chance they’ll try to scam you. Trust all of your mortgage needs to the professionals at Ace Mortgage Loan Corporation and you’ll never have to worry about getting taken to the cleaners. Contact Ace Mortgage Loan Corporation today for more information!
Ace Mortgage Loan Corporation works with clients in:
- Coral Springs
- Delray Beach
- Pompano Beach
- Boca Raton
- Coconut Creek