{"id":1985,"date":"2011-04-13T09:01:08","date_gmt":"2011-04-13T14:01:08","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=1985"},"modified":"2018-11-28T08:08:19","modified_gmt":"2018-11-28T08:08:19","slug":"new-york-mortgage-help","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/new-york-mortgage-help\/","title":{"rendered":"5 common mortgage scams for New Yorkers to beware of"},"content":{"rendered":"

Being under financial stress makes people extremely vulnerable to scams, whether in New York or elsewhere.\u00a0 The key is being aware, being educated and being skeptical.\u00a0 And of course, it never hurts to have an experienced New York bankruptcy attorney to check in with.<\/p>\n

Here are five common mortgage scams that every New Yorker should know about.\u00a0 Of course, this isn’t a comprehensive list since the scam artists are always coming up with new and more creative ideas.\u00a0 But this is a good start.<\/p>\n

1.\u00a0 Reverse mortgage scam<\/span>
\nSenior citizens are frequent victims of reverse mortgage scams, which involve a third party promising to help set up a loan that enables the homeowner to live in their home for free while also getting cash in the form of a home loan.\u00a0 However, the scam artist sets it up in such a way that they end up keeping the money, and the homeowner is responsible for the new mortgage.\u00a0 If you do plan on doing a reverse mortgage, make sure it’s with a reputable broker.<\/p>\n

2.\u00a0 Short-sale Fraud
\n<\/span>A short-sale fraud is actually committed by a homeowner.\u00a0 A short-sale is where a mortgage lender allows a homeowner to sell its home for an amount that is less than the mortgage amount but which the lender accepts as full payment for the mortgage.\u00a0 However, if a homeowner makes this arrangement with the mortgage lender, but then sells the home for a higher price to a new buyer, the homeowner is committing short-sale fraud against the lender.<\/p>\n

3.\u00a0 Builder bailout
\n<\/span>Builder bailouts are often found in places where housing developments were built but many remain unpurchased and unoccupied.\u00a0 The scam involves collusion between the builder and a buyer.\u00a0 The builder sets up the transaction so that incentives are characterized as a down payment.\u00a0 The existence of a down payment then gives the impression that the property has equity in it, which increases the likelihood that the lender makes a loan to the buyer.\u00a0 This kind of manipulation by a builder and buyer is essentially a kickback and is a form of fraud.<\/p>\n

4.\u00a0 Loan modification scam
\n<\/span>There are too many non-lawyer services to count that offer to help homeowners obtain a loan modification.\u00a0 However, many of these charge large fees up-front (which is now illegal).\u00a0 And frequently the homeowners never see any benefit once they’ve made payment.\u00a0 A warning:\u00a0 Never pay any service up-front for loan modification services (or debt consolidation or reduction services either, for that matter).\u00a0 While there are plenty of legitimate loan modification services, always be careful and check references as there are many that are not so reputable.<\/p>\n

5.\u00a0 Affinity fraud
\n<\/span>“Affinity” refers to affinity groups such as a religious group or ethnic or professional group.\u00a0 The scam artist might set up a scheme and then get members of that group involved in marketing the scheme.\u00a0 Or pretend to be a member of that group themselves.\u00a0 So you’re more likely to trust them if you’re a member of that group.\u00a0 So make sure to watch yourself, even amidst the communities in which you feel most comfortable.<\/p>\n

The key, of course, is to always do good due diligence.\u00a0 If it involves money, it’s fair and reasonable to ask tough questions.\u00a0 Don’t worry about being embarrassed or being made to feel like you don’t have knowledge.\u00a0 If you don’t understand it, don’t give away your money.<\/p>\n

If you have more questions about mortgages and scams and bankruptcy in New York, feel free to contact<\/a> experienced Brooklyn bankruptcy lawyer<\/a> Bruce Weiner for a free initial consultation.<\/p>\n

<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"

Being under financial stress makes people extremely vulnerable to scams, whether in New York or elsewhere.\u00a0 The key is being aware, being educated and being skeptical.\u00a0 And of course, it never hurts to have an experienced New York bankruptcy attorney to check in with. Here are five common mortgage scams that every New Yorker should …<\/p>\n

5 common mortgage scams for New Yorkers to beware of<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,10,12,14,27],"tags":[2,21,32,11,13,54,15,51,52,28,35,55],"acf":[],"yoast_head":"\n5 common mortgage scams for New Yorkers to beware of<\/title>\n<meta name=\"description\" content=\"Being under financial stress makes people extremely 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