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The Home Equity Theft Reporter: Florida Mortgage Broker, Closing Agent Sentenced In Equity Stripping / Home Improvement Scam Targeting Seniors

This includes: Reporting health insurance coverage. There’s some good news for would-be home buyers. It should be easier to get the house you want at the right price. According to the.

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A home equity line of credi t is a type of revolving credit in which a homeowner borrows against the amount of home equity – that is, his or her ownership Anyone with equity in their home can become a victim, especially homeowners with good credit and seniors citizens who’ve paid off their mortgages.

Home equity is the difference between how much your home is worth and the outstanding balance of all liens on your property – how much you owe on your mortgage and/or other debts secured by your home. You acquired your initial home equity with the down payment you made when you bought the.

Visit sister blog, The home equity theft reporter. Lack Of Knowledge Or Partcipation In Fraud Not Enough To sustain bona fide purchaser status In Equity Stripping, Foreclosure The information, reporting, and commentary contained in The Home Equity Theft Reporter are intended solely to.

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Additional copies of this report may be obtained from the Internet at This is a U.S. government document and its text may be reproduced without additional permission or.

In an equity theft scam, the perpetrator will purchase a home that is in foreclosure or distressed / abandoned. The home is then sold to a senior These individuals have also been known to send direct mail that attempts to sell the reverse mortgage as something closely tied to the government by.

Equity Stripping – Lender provides a loan based on the equity in your home, not your ability to repay (often leads to foreclosure). Bait and Switch – Lender offers one set of loan terms but then pressures you into another type of loan when you sign. deceptive loan servicing – Lender intentionally fails to.

What is the Purpose of PMI? – North Florida Mortgage What is PMI Insurance? The basic purpose of PMI for lenders is that it protects the mortgage company from a large loss in the case of foreclosure. It is an insurance policy covering the lender against loss.