Why do people fall for mortgage lender scams?


When you have bad credit and you are desperate to get a house of your own, you may pay less attention to the broker promising to get you your desired loan and this is how you end up in one of the many possible mortgage lender scams.

If you are trying to get a house and your financial situation and credit score do not qualify you, a loan officer who approves your application and finally gets you the loan you desire is not doing you a favor. Sooner or later you will default on the mortgage payment and if the loan officer was intentionally leading you to this situation, willingly or not, you have become a mortgage lender scams victim. If simply the underwriting rules the officer went by were too loose, and you default, you have simply become one of the many borrowers who should have never got to apply to this expensive home loan.

The same goes for a refinance. A refinance mortgage lender scam is not taking you anywhere near to prosperity. Rather, refinancing mortgage lender scams will make one lose on equity and one may have fallen for a free lunch which does not exist.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: