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Housing
updated on 10 May 2007 |
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Homeowners Are the Target of Fraudulent Mortgage Offers |
By Fe V. Tan
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As a homeowner, you've probably received tons of offers trying to tempt you to
restructure your finances utilizing unrealistic programs that do not fit in with
your long-term financial goals.
In fact, the Federal Reserve Board has just released a warning about
a recent wave of deceptive promotional offers aimed at homeowners just like
you.
Through direct mail advertising, consumers are being offered special
"cash grant
or equity disbursement" programs which claim to be linked to the
Community
Reinvestment Act (CRA) and, in some cases, even endorsed by the
Federal Reserve.
The Federal Reserve Board cautions homeowners that "no such federal
programs
exist". In fact, the Federal Reserve Board does not "endorse or
sponsor" any
mortgage programs, and the CRA does not "entitle individuals to any
grants or
loans". Enacted in 1977, the CRA is a federal law designed to
address unfair
"redlining" practices in low-income neighborhoods, encouraging
financial
institutions to address the financial needs of the community as a
whole.
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This year, as millions of loans reset and payments increase,
homeowners can
expect more and more of these unrealistic and even bogus offers in
the months to come.
Just remember that right now interest rates are the most favorable
that they've
been in months. Now is the time to review your home loan and
consumer debt to
determine how much money you are losing every month.
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I will gladly perform a no-cost review of your finances and help you
restructure
your debt to potentially save you hundreds of dollars each month and
thousands
of dollars this year. As an experienced mortgage professional, I
take special
pride in providing sound financial advice to all of my clients. |
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FE TAN
 is a
professional Mortgage Broker with Uneta
First Trust Capital. Ms. Tan can be contacted at Tel. (904) 651-8114 and
by e-mail: fetan @ uneta.com. Faxes may be transmitted to
(904) 306-7837. |
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