Guard Against Mortgage Fraud While Refinancing Your Home

dreamstime_xxl_23452357Homeowners choose to refinance their homes for many reasons. Restructuring your mortgage can result in lower monthly payments, a lower interest rate, or a longer loan term, making it more manageable to repay the loan. Homeowners might also opt to refinance due to a divorce, in order to get a fixed-rate mortgage, or for a variety of other reasons. If you’re looking to replace your adjustable-rate mortgage, or if you simply want a lower monthly payment, keep the following in mind to protect yourself against mortgage fraud while refinancing.

It should go without saying, but you should never sign a document without having first read and understood it. You should also avoid signing any document that has a blank field or any other indication that content is missing. Never allow blank fields to be filled in later without your knowledge or presence.

House Titles (Deeds)
Your house title, also called the deed, proves that you are the owner of your home, so this is an obvious target for fraudulent activities. In the past, homeowners have been tricked into “temporarily” signing over the titles to their homes. You should never sign over the deed to your house to anyone (unless, of course, your intent is to transfer ownership).

Your Lender
When in doubt, contact your lender. No one knows more about your home loan than the institution that gave it to you. Your lender will likely be willing to help in any way possible. After all, they want the money you owe, not your house. Contacting your lender at the first signs of trouble might just save you a lot of grief in the long run.

Mortgage fraud is a serious offense, and if you’re facing this or any other bank fraud charge in Newark, you need an experienced attorney on your side. Contact the Law Offices of Robert J. DeGroot, where we’ve been providing criminal defense since 1972.