Long Island housing officials are on the lookout for mortgage scams that have been increasingly prevalent in the area over the past several months. According to authorizes, these mortgage scams target homeowners who have received foreclosure notices from their mortgage companies and prey upon their feelings of desperation and insecurity. Seeking to make a quick buck off of homeowners who are fearful of losing their homes, the scam artists offer deals that probably seem to good to be true – and that is because they are.
The mortgage scams also seem to target the elderly who, faced with a foreclosure on their mortgage are sometimes willing to believe the impossible in an attempt to hold on to their Long Island homes. When the scams are successful, homeowners are left with nothing and the scam artists take whatever equity was available to them from their homes. Authorities with Long Island Housing Services are seeking to help those who have been victimized and are warning all resident so that no one else becomes a victim of these mortgage scams.
Of course, such scams are made possible in the first place by the fact that homeowners are already facing dire circumstances when it comes to their mortgage payments and in a great many instances, those circumstances have been brought on by the mortgage companies themselves who have been much too quick to initiate foreclosures than to assist homeowners with mortgage modifications or other alternatives to foreclosure. Many homeowners would not fall so easily as victims to the mortgage scams if they had not already been victimized to a large extent by mortgage companies more eager to make money off of a foreclosure than to help homeowners keep their homes.
If you are looking for a Long Island mortgage in the current economy, the rates are beginning to improve. However, it is important to deal with a mortgage company that has a sterling reputation for customer service and that truly seeks to provide borrowers with the best mortgage rates possible. If you are a member of any organizations, associations, or unions that have lending institutions that cater specifically to them, that is often one way to ensure that you are dealing with a scrupulous lender who will keep your best interests at the fore.
If you live in Long Island, now is a great time to take out a mortgage on a home. Just be sure, however to deal with a lender whom you trust and who has a history of providing borrowers with excellent customer service and mortgages that are fair. Once you have obtained a mortgage, be sure to watch out for scam artists that might try to take advantage of any difficult circumstances that you might face.
If you secured your Long Island mortgage from Members Mortgage Corp, it is unlikely that you will face the kinds of difficulties that might make you a target for mortgage scam.
