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Fake Mortgage Letters

Homeowners who have mortgages on their homes are getting FAKE Mortgage Letters saying that their mortgage is about to readjust to a much higher interest rate. This may NOT True.

Home owners who have fixed mortgages for 10 years or 15 years or 30 years are getting these letters telling them that they are running out of time and their interest rates will climb as high as 10 to 12 percent. This is just a blatant lie. The letter will tell you to call an 866 toll free number to get more information to protect your home interest rate. If these scammers will send you a letter that is filled with false statements then when you call them they will continue to mislead you and try to refinance your loan with them.

If you look carefully you will see there is normally not a company name used on the letter. But they do use the name of your Mortgage Company to make you think this false information is from your Mortgage Company. At the top of the letter, that does not have a letter head, it will say: "Re: Pending Rate Adjustment Notification. Original Lender: (then the name of your real Mortgage Company). This is to mislead you. All this information comes from public records open to any scammer or crook.

Also to mislead you they make the envelop appear to come from an official government agency. (In California this is illegal.) But in the extremely small print the disclaimer says they are not affiliated with your mortgage company, and they may not be licensed to do business in your state. But they have already lied to you about your mortgage rate in the large print. The only reason they put in the small-print disclaimer is because their lawyers tell them this will keep the letter from being considered mail fraud.

I get about two or three of the fake mortgage letters a month. If you have questions call the Mortgage Company that you make monthly payments to and ask them about the information in this fake mortgage letter.

If you are thinking of buying a new home or refinancing your home there is home loan money available. But, now you have to have proof that you can afford to pay it back. That means you need to provide a pay stub, two-years of IRS mortgage documents, and a credit score of about 620 and up. The credit score requirement can be higher depending on the amount of money you want to borrow.  Refinancing a home mortgage can depend on how much equity you have in the home. The bottom line limit is about 20 percent.

Mortgage Fees  
Editor's Note: February, 2008. Here are the fees that many mortgage companies charge. Some companies do not charge for all of these fees.  You should have your own attorney look over the documents when buying a home. The lender will have an attorney and most of the time they try to charge you for his work.

Negotiable Mortgage Fees
1. Application Fee
2. Lender Closing Fee
3. Flood Determination Fee
4. Credit Report Fee
5. Title/Exam Fee
6. Loan Origination Fee
7. Tax Service Fee
8. Appraisal Fee
9. Courier Fee
10. Settlement/closing Fee
11. Lenderšs Title Policy Fee
12. Escrow Fee
13. The Lenderšs Attorney Fee
14. Many times there is private mortgage insurance required.
15. Any additional third-party fees.
Remember all fees are negotiable and some lenders do not charge the fees that are listed above.

Filed February 22, 2008  
 
 
 


 
 
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