Phishing seems to be a trend today. We receive many emails which appear to be related to our clients or transactions we have in process. But, unless we recognize the sender, we do not open them. Phishing is defined by the Oxford Language Dictionary as “the fraudulent practice of sending emails or other messages purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers.” It appears to be worse than ever. You could receive an email from what appears to be your mortgage company asking for your...
Category: Mortgage Fraud
WHAT CAN YOU DO TO PREVENT BEING SCAMMED?
What can homebuyers do to prevent being scammed? Phishing scams continue to be on the rise. Especially during the loan closing process. How do scammers get your information? There are several ways to secure your information and negate the possibility for scammers to steal your closing & down payments. Check out this video from the CFPB for tips to avoid being scammed. Contact Counsel Mortgage Group and we can walk you through the process, we’re here to help. We offer a variety of products and services, ask us how we can assist you today. We work for you, not...
January 6, 2023January 7, 2023john
WHAT IS MORTGAGE FRAUD?
When you are purchasing an investment property, apply for an investment property loan. Do not purchase an investment property and apply for a second home loan for the sole purpose of getting a lower interest rate. To do this would be mortgage fraud. Here are a few examples of how this can affect you: 1. Insurance. The lender will make sure you have the correct insurance policy before closing. If you have a second home policy but a renter occupies the property, you run the risk that an accident would not be covered. 2. The lender could send personal...
July 7, 2022July 7, 2022john