If you are considering a home equity loan, be sure to work with a reputable lender.
These scam artists prey heavily on senior citizens, minorities, low-income families, and people with with a history of poor credit. If you are among any of these groups, be especially wary of companies who are eager to loan you money.
Manipulative lenders may alter loan terms, hide extra charges, and conceal “bait-and- switch” techniques. The Federal Trade Commission warns homeowners to be wary of the following:
Loan Scam #1: Equity Stripping
Loan Scam #2: The Balloon Payment
Loan Scam #3: Loan Flipping
Loan Scam #4: “Home Improvement” Loan
Loan Scam #5: Credit Insurance Packing
Loan Scam #6: Mortgage Servicing Abuses
Loan Scam #7: Signing Over Your Deed
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