JCCRP Warns Homeowners Of Scams
Jacqueline Bascomm a housing consultant with The Jewish Community Council of the Rockaway Peninsula, warns local homeowners to be wary of those who want to give them something for nothing or, at least, for very little.
Bascomm urges, that to avoid being a victim of unfair and deceptive practices used sometimes in the mortgage lending and consumer finance industries you should follow some of the following: First of all, be wary of Loan offered through door-to-door sales or telemarketing solicitations.
Homeowners should be wary of the "Too Good To Be True" syndrome – Guarantee Loan approval regardless of your credit history or rating. Remember the saying "it looks like a duck, walks like a duck and quacks like a duck - most likely it is a duck".
They should not assume that they would not qualify for a loan from a traditional lender. Those loans are less expensive then sub-prime loans but by the same token be suspicious of anyone who pressures the homeowner to act before they are ready.
Read the entire loan application carefully and it would be good to consider consulting an attorney before signing.
The interest rate is not the only important term of a loan, be certain about the fees and "Points".
Be sure the Lender and the broker you are dealing with are licensed by the State Banking Department and make sure you can really afford the monthly payments.
It would be good for the homeowner to contact a non-profit credit counseling agency for assistance in determining whether he or she can afford the loan and shop around, interest rates and fees vary widely.
To learn about Predatory lending and the meaning of phrases such Equity, Stripping, Loan Flipping, Packing, Hiding the Balloon and Discrimination and also to learn more about protecting oneself and his or her finances homeowners may contact the Jewish Community Council of the Rockaway Peninsula at its Far Rockaway office.