Scammers can get crafty.
The unscrupulous people who design schemes that scam homeowners approaching foreclosure don’t need high-tech resources. Mortgage modification scammers find their prey by looking at foreclosure notices on the Internet, in local periodicals and public files.
VA home loans have the lowest default rate on the market. But military homeowners aren’t immune to default. Here’ a look at some of the ways to spot mortgage modification scams:
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The government has new mortgage information and guess what? It turns out that the use of VA mortgages has more than doubled since the financial crisis began — and that those who use VA loans have fewer foreclosures than any other group of borrowers.
This is a very big deal because the foreclosure crisis would be far worse had it not been for the use of FHA and VA mortgages. Now, for the first time, we can begin to see how government-insured home loans have prevented the fall of the housing market from being much worse.
There’s a big debate in lending centered on how much borrowers should know. You’ll be happy to learn that borrowers are winning — and that a new round of clarity is likely to soon begin.
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