Marc's Mortgage Matter's

December 7th, 2008 5:34 PM

Washington - Schumer Warns of New Mortgage Scams

 
Published on:   Today at 12:22 PM
News Source: AP


Washington - Sen. Charles Schumer says the recent drop in mortgage rates means scammers may try to take advantage of homeowners looking to save money in a recession by refinancing.

The recent dip in mortgage rates makes refinancing more attractive, the Democrat says, but he is warning New Yorkers that unscrupulous brokers may try to snare homeowners with deals packed with hidden fees and costs.

At a press conference in New York, the senator says "there’s no free lunch, and there’s no free refinanced mortgage."

While it is a good time for many New Yorkers to refinance their mortgages to lower fixed rates with reputable firms, the senator is urging New Yorkers to be wary of the sort of too-good-to-be-true radio ads and flyers.


See earlier posts for more detailed schemes and scams that I have warned about for some time now. Again, if you feel you might gain by lowering your rate, or have been called to do so, or unsure what to do...please call me! You know I will direct you either to modify at no cost if possible with your current lender, and will explain what you should say, and WHAT YOU SHOULD NOT SAY. If that won't work I can always arrange or advise what to do so you get the best rate and the safest mortgage if it does make sense to refinance.
 
Posted by Marc (Moshe) Preger on December 7th, 2008 5:34 PMPost a Comment (0)
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