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Reverse Mortgage Information

Posted on | December 28, 2010 | No Comments

The first question that needs to be answered is “what is a reverse mortgage?” A reverse mortgage is a specific type of loan used by older homeowners who have built up some equity in their home. It is a method of acquiring cash from their home, manufactured home, town home or condominium. By using this type of borrowing method senior citizens can come up with money that they can use any way they want without the need to pay it back during their lifetime. If these elderly Americans can qualify they can turn their home equity into money.

If older American homeowners are struggling with their finances they can apply for this type of loan which can be used to pay off debts, increase their monthly income or for other things. This monetary influx will allow these senior citizens an opportunity to get out from under their current debt or to increase their monthly income which can be used for their daily expenses. They can start enjoying their life to the fullest by coming up with the additional cash they need. The money can be used to get out of financial trouble, home improvements, traveling and for other expenditures. This extra cash may be used for luxuries they have always wanted, but could never afford.

The purpose of a reverse mortgage is to allow senior citizens the opportunity to receive the extra cash they require without the necessity of having to sell their house. The cash they get can provide them with the additional financial security they require and also give them a chance at enjoying their remaining years by reducing their money worries. There are several ways to receive this money including regular monthly payments, a lump sum or even as a credit line. A line of credit is the most common method people use to receive money from a reverse mortgage. Some retired persons get their money by using a combination of these methods. It’s possible to receive monthly payments while also getting a big chunk of money up front too.

The term reverse mortgage is a simple way of “reversing” a mortgage. Rather than being forced to make monthly payments by taking out a home loan people can actually receive monthly payments themselves. It’s a method for retired homeowners to increase their comfort of living by taking advantage of the equity they have built up in their home. The loan amount depends on many factors including the value of their residence, how old they are, how much equity is in the home along with other factors.

To qualify for a reverse mortgage the applicant must be 62 years of age or older. They must also own a home (single family residence), manufactured home built on or after June 1976, town home or condominium. And of course they must have a certain amount of home equity. It is not necessary to have the house paid off completely, but there must be equity in it. In other words you can still qualify for a reverse mortgage even if you have an outstanding mortgage loan.

The loan cannot exceed the home’s value, but there are no monthly income requirements and no medical prerequisites for qualification. There are few requirements, one of which is that the applicant must first meet with an approved counselor to discuss the loan or other possible options for their situation. Other than that there are very few requirements.

Residential mortgages: locating funds in residence

Posted on | December 21, 2010 | No Comments

I bet you had the same reaction when you heard residential mortgages you probably thought they are some new strain of mortgages? Well residential mortgages are our good old mortgages re-packaged with a different name. That makes residential mortgages one of the most reliable, flexible, innovative loan products to frequently find solutions for those individuals for whom loans mean a freedom from financial constraints.

Mortgage rates are still at a fairly low which makes mortgage one of the most sought after product. This also means that one find the best residential mortgages that they can ask for. But it is always with residential mortgages that finding the best mortgage can be like a Gordian knot. The hunt for residential mortgage begins with understanding which mortgage product suits your circumstances. When you know what you want it is easier to shop.

Residential mortgages have different mortgage products depending on the interest rates. The various residential mortgage are fixed, variable, capped, discounted, cash back, tracker.

Fixed residential mortgages will have a fixed interest rate for a fixed period of time which then changes to variable rate. With Fixed residential mortgage you enjoy the same rate even if the interest rates rise. You have the freedom to plan your budget for you know in advance your monthly outgoings. One of the obvious disadvantage is that you cannot make use of fall in interest rates.

With the Variable rate residential mortgages the interest rate rise and fall according to the changes in the interest rate. This means that if the mortgage interest rates fall, you pay lesser. However, in case the interest rates rise you pay more. Unless, the borrower is capable of paying higher interest rate, they should opt for fixed rate mortgages. Variable rate will be either the lenders variable rate or any standard rate like the Bank of Englands base rate.

With capped rate residential mortgages you are linked to a variable rate but there is limit up to which rates can rise, known as the cap or the ceiling. These residential mortgages prevent you from any significant rise in interest rates. Another mortgage on similar lines is cap and collar mortgage where the rate you pay does not fall beyond certain limit.

Discounted rates with Residential Mortgages the payments are based on the rate which is lower than variable rate for a specific period of time. This gives you an opportunity to have lower interest rate especially if you are setting up a new home. Nonetheless, if your payments rise while you are on discount the monthly payments will increase.

With cash back mortgages in place of a discount you get a lump sum or cash back which depends on the amount of mortgage you receive. Monthly payments are linked to a variable rate. This residential mortgage can prove to be very useful contribution by providing cash when you need it. Tracker residential mortgages link your interest rate to some independent rate like Bank of England base rate. The interest rate for your mortgage rises and falls with the independent rate.

Refinancing Your Home Mortgage Following Bankruptcy

Posted on | December 14, 2010 | No Comments

Bankruptcy is the last step for most people who are undergoing tough financial times. Many people fear that by declaring bankruptcy they will ruin their credit for the rest of their lives, but they find that they are able to begin rebuilding credit immediately after the bankruptcy becomes final.

Get Your Debt under Control

Bankruptcy offers you the opportunity for a fresh slate with your finances. Your old debt will be wiped clean; however, any years of established credit are gone as well. Bankruptcy can be a real stress relief if you are in a desperate situation, but it is important to realize what has brought you to that point. If you declare bankruptcy and then continue without changing your spending habits, you are destined to end up in a similar situation again. The best way to use bankruptcy is as a learning tool. Know where you lost control of your spending, and be ready to move on from there.

Lower Your Expenses

One of the best ways to lower your expenses is to refinance your home mortgage. You may think that finding a lender to refinance your home mortgage following bankruptcy will be nearly impossible, but that is not so. Depending on your situation you may be able to walk into a bank the day after your debts are discharged by the bankruptcy court and refinance your home mortgage. If you have a good deal of equity in your home, you will find it much easier to refinance following a bankruptcy.

Even if you do not have a good deal of equity, you should be able to refinance your home mortgage within six months to one year from the final date of your bankruptcy. While you are waiting to refinance your home there are several steps that you can take to make yourself more attractive to lenders.
Pay all of your bills on time. This includes your current mortgage as well as any utility, student loan, or other bills that you have following the bankruptcy.
Do not attempt to open other lines of credit, such as new credit cards or lines of credit at stores. While credit is important, if your number one goal is to refinance your mortgage after a bankruptcy, you do not want to appear to the bank that you are in danger of falling into the same credit trap that you found yourself in prior to your initial bankruptcy.

Why Refinance Your Home Mortgage After a Bankruptcy?

What are the benefits of refinancing your home mortgage after a bankruptcy? There are many benefits to this actually. By refinancing your mortgage you can lower your monthly payments in a variety of ways. You can extend the length of the loan or refinance at a lower interest rate, both of which will lower your monthly payment. While you will be considered a higher risk loan, and will not receive the lowest interest rate available, it is still possible that your interest rate may be lower than when you initially closed on your mortgage.

Another reason to consider refinancing your home mortgage after a bankruptcy is that this will automatically start you on the path to repairing your credit. The refinance will show up as a new loan. The older loan, which due to the financial problems that brought about your bankruptcy may have had late payments or missed payments, is closed. The new loan will show no late payments or penalties.

Where to Refinance

Too often, people feel that the black mark left by bankruptcy is an obstacle that they cannot overcome. Rather than shopping for a mortgage, they go directly to a sub prime lender, or worse, a lender who involves themselves in predatory loan practices. While sub prime lenders do have their place, they should not be your first choice. Lenders who involve themselves in predatory practices, such as excessively high interest rates, or interest compounded on an irregular schedule should be avoided at all costs. They will not help you.

Sub prime lenders are not likely to provide you with as low of an interest rate as you can receive from a traditional lending institution. Following a bankruptcy, your first stop in refinancing your home should be the lender that holds your mortgage currently. Not only do they know your payment history, and the home, they may also save you some money in closing costs by keeping the loan “in house”. If they are not willing to refinance your mortgage, ask them what you should do to make yourself more attractive. If they recommend that you come back after three to six months, which is probably the best advice. If they are not interested in refinancing your mortgage, don’t let it discourage you, shop mortgages at other traditional lenders.

Pay It Down Quick – Using Refinancing To Shorten the

Posted on | December 7, 2010 | No Comments

Pay It Down Quick – Using Refinancing To Shorten the Length of Your Mortgage

Chances are years ago, when you took out your mortgage, you took it out for 30 years or more. You were just starting out in life, money was tight and your salary was still on the lower side of the pay scale. As the years have gone by, and you’ve moved up in your career and in life, you may find that you have extra money each month that you want to put to good use. One of the things you may want to think about to do with that money is to refinance your home mortgage for a shorter term to help you pay off your house quicker with less overall interest payments.

Let’s face it, money is hard enough to come by, and paying unnecessary interest is something that all of us can do without. With home mortgages you will often find that the lower the term of the mortgage, the better the interest rate is. Basically, the mortgage company is giving you a better overall deal because they don’t have to wait as long for their money and their exposure is less to possible risk. The faster you pay it off, the faster they get their money back (plus interest).

Often times, you already have the lowest interest rate you can get for your mortgage. This is where refinancing to a lower term can help. Typically, interest rates for 30-year and 15-year mortgages vary by as much as a whole percent point, with the average being somewhere around 0.75%. If you find that you are into the 10th year of your 30-year mortgage it may make sound financial sense to refinance into a 15-year mortgage at the lower rate so you can take advantage of the interest rate benefits – as long as you can afford the higher monthly payments.

So why not just continue along in your present mortgage and pay extra each month? While this was a popular option not too long ago, today many mortgage companies penalize you for making early payments. After all, now you aren’t giving them the fixed rate of return they were planning on. This consumer-unfriendly practice is widespread and is just another reason why refinancing is one of your best moves.

It’s important to keep in mind a few things before running into a refinance, however. First, realize that you will be paying more per month since you are lowering the length of the loan. More of this money is going to your equity, and you will see significant savings in the long run. However, you have to be prepared financially to do it. Don’t risk losing your home if you think this might cause financial hardship down the road! Next, make sure that you understand the fees associated with it. As you near the end of your mortgage it may not be in your best interest to refinance depending on how long you have left. The savings you earn in interest rate reductions may not equal what you pay to get them.

So if you find that you have a little extra cash in your pocket and are looking for a way to make a sound financial investment, consider looking into refinancing your home mortgage to take advantage of shorter terms and lower interest rates. The money you save could go towards more important things – such as retirement or the boat of your dreams!

Now or Later? Taking Advantage of Mortgage Rates

Posted on | November 30, 2010 | No Comments

Have you ever heard the story of the guy who always held out until tomorrow because he was certain mortgage rates were going to go lower? He waited his entire life and ended up dying with plenty of money, but living in an apartment. Sort of defeats the purpose of saving money to buy a home, doesn’t it? A lot of us are like this fellow, we are constantly waiting around for the best deal to come along. We are certain we can wait out the market – little do we realize the market can long outlive us!

Mortgage rates, compared to ten years ago, are still at one of the lowest rates ever despite weakening economic conditions around the world. 30-year fixed mortgage rates typically are settling between 5.5 and 6.05 percent. Compare that to just four years ago when some rates were as high as 6.8 percent. Of course, as with any financial tool, the mortgage rate is always going to be in flux. The good news for many homeowners is that when the number does drop substantially, usually by 34ths of a point or more, the opportunity is there for them to refinance into the lower rate. It’s almost like being able to have your cake and eating it too!

There is no better investment you can ever make than buying a home for your family. Homes are an investment that, over time, will gain in value. Real estate is one of the safest investments you can make. Even though there is a lot of news nowadays about the real estate fallout with sub-prime mortgages and such, most consumers who manage their credit and finances correctly can avoid having to deal with any of that. Knowing how much house you can afford, and what payments you can comfortably meet will ensure that you don’t become another statistics in the mortgage industry reports.

One thing to remember is that the future value of a pound is always less. If I gave you the choice of giving you 100 today or 100 next year, the 100 I give you today is going to be worth more and will have more buying power. The same goes with a house – waiting to buy a house because you think the market is too volatile right now could be a big mistake. If your finances are in order and you are on solid ground with your credit, this make the perfect time to take advantage of the low mortgage rates and get a great deal in the real estate market.
By knowing what is going on in the mortgage industry you can help yourself get a great deal on the property of your dreams.

Taking advantage of the rates available today can help you secure your family’s financial future for years to come. Sometimes despite all the negative news you might hear about the real estate market the fact of the matter remains that people who have kept up with their finances are going to benefit greatly from the housing market as it stands today. So why shouldn’t you as well?

Mortgages – Types Of Interest Rate

Posted on | November 23, 2010 | No Comments

Types of Interest Rate

You have researched into all the different mortgage types and found a suitable one for you. Now is time to look into what type of interest rate you wish to pay. The type of interest you wish to pay will depend on your circumstances and how much you are willing to pay out every month. You will find out below that not all interest ratestypes are the same.

Discounted rate

A discounted rate allows the buyer to pay a reduced payment for a fixed amount of time. After the fixed term is aver the rate usually increases to the national base rate. Discounted rates are attractive for first time buyers and also home buyers who require extra cash for renovations. The term of discount does give you time to get used to having a mortgage payment.

Fixed rates

With a fixed rate mortgage you are guaranteed the same rate of interest every month for a fix period or term. This rate will not fluctuate as long as you are in an agreement for a fixed term. The fixed term can be anywhere from 1 to 7 years. Do be careful when taking a fixed rate mortgage term dont forget to ask the lender if you have any obligation to stay with the lender after the fixed term is over?

Variable rate

Variable rate mortgages do tend to fluctuate around the base rate, and are generally higher then the discounted, fixed and capped rates that are also available. Usually, after you have been at a discounted rate, your interest rate will move up to a variable rate. This could be for a specified time you have agreed to with the lender.

Capped rate

With a capped rate mortgage, the lender will cap the mortgage rate to a specific amount, which allows the interest rate to never rise above this level for a fixed term. However if the interest rate decreases? So will your rate.

Tracker mortgages

A tracker mortgage actually tracks the Bank of England base rate. This means your mortgage stays in line with interest rates. The way a tracker reflects on your monthly mortgage interest payments is that they go up when the base rate goes up and go down when the base rate goes down.

Similar to a standard variable rate mortgage a tracker follows the percentage rate imposed by the Bank of England. Unlike the standard variable rate mortgage changes annually or monthly a tracker mortgage guarantees to follow changes in the Bank of England base rate within 2 weeks of the interest rate changing, allowing the borrower to benefit from both falls and rises of the interest rate quicker.

However, there are disadvantage to tracker mortgages. If interest rates were to rise sharply, so too would the cost of a tracker, so in situation like this you would lose out and find yourself paying more per month that you did the previous month. In this type of situation a fixed rate or a capped rate mortgage would have been advantageous to the borrower.

Trackers do work better for the borrower when interest rates are falling but if you look at the bigger picture, they give you clear insight to whatever the Bank of England does with rates. With a tracker both the borrower and the lender know exactly what they are getting.

Flexible Mortgages

With a flexible interest mortgage, you the lender can usually pay more if you have extra cash available, pay less if you need to save a little, maybe even take a holiday from your payments. Flexible is what it is, flexible. Also the interest on a flexible mortgage is calculated daily instead of annually. So you reduce the interest amount with every payment.

Checking the APR

Always remember to check the Annual Percentage Rate (APR) of the mortgage you are considering taking out for a specified term. Usually the lower the APR the cheaper the rate at which you will pay back every month. However do be careful, some lenders will offer you the opportunity to take a very low APR over a fixed period and then a standard rate for a further fixed term. Situations like this can potentially turn to disaster for some people. If you have discounted mortgage rate for two years at 3.9% which totals a monthly payment of 300 per month, after the 3.9% term has ended, you are still in a contract with the lender for a further two years at a rate of 5.9% you will find that the payment will increase substantially.

In this situation you could find yourself not being able to afford the mortgage payment, also unable to transfer your mortgage to another lender due to redemption penalties for early breach of contract.

Redemption penalties

The various discounted mortgages available e.g. capped, discounted and fixed do tend to carry a redemption penalty. This is due to the lender operating a special rate for the fixed amount of time. Some of the standard rate periods can be for a longer period than the special rate term. So do not forget to read the small print, and always remember to ask about the redemption penalties and the standard rate period of the mortgage you are enquiring about. There are mortgages out there now that offer no fixed penalties or require you to be tied in with a lender over the discounted period.

Mortgages: encouraging stronger personal economic growth

Posted on | November 16, 2010 | No Comments

Monetary policy of every individual works though different channels. Financial conditions are fluctuating always making way for loopholes in your particular economy. Being a homeowner equips you with the ability to take on mortgages for sustained economic expansion. You have already completed the first major task for getting mortgages, i.e. buying a home. Now, we can safely move on the other part of the process.

The market for Mortgages is huge and there is an exhaustive list of types of mortgages available. Therefore, it is important to realize which mortgages type you need and how much you can afford. Mortgages are secured loans. For the entire mortgages term which can range form 25-30 years the lending institution or the bank will hold the title to your loan. In case of non repayment your home will be on risk of repossession.

It is crucial to shop for mortgage loan and rates. Often borrowers neglect the importance of shopping around in their enthusiasm of finding the good rates. The effort that you will put in as researching for mortgages will bring great returns as better interest rates and repayment alternatives.

While searching for mortgages you must be looking at interest rates. Lenders who provide mortgages are part of a profit making process. They would charge interest rates with the idea of making profit but will avoid charging more for they might loose a customer to a competitor. For that reason shopping around becomes essential. While shopping for mortgage you will be looking for APR. It is the actual amount of interest rate that is charged for the entire term of loan. Though it is vital factor but that should not be the sole criteria for applying for mortgages.

Loan term is basic to mortgages. The most common type of fixed rate mortgages is 15-year mortgages and 30-year mortgages. The monthly repayments of 30 year mortgages will be lower than 15 year mortgages. However, your will be paying more interest rates in a 30 year mortgage. With 30 year mortgage you will get a tax right-off which can be sizeable. With 15 year mortgage you will just be paying taxes without any savings.

Two basic types of mortgages are fixed and adjustable rate. With fixed rate mortgage you owe certain percentage of loan amount as interest rate. Interest rate remains fixed for entire loan term which can be 15 or 30 year mortgages. The disadvantage with this mortgage type is inability to make use of drop in interest rates.

Other major type is adjustable rate mortgages (ARM). The interest rates changes according to the interest rates in the mortgage market. The first year interest rates are generally lower than market rates. There is an upward limit above which the interest rates cant go. However there is always the disadvantage of not being able to make use of drop in the interest rates.

The above two types of Mortgages are the major ones while the other types are derived from either or contain the characteristics of both of them. Balloon mortgages have fixed interest rates for a particular period of time. After that the entire loan amount has to be paid back in one go. This will push the borrower to start on another mortgage borrowing task. But if you are unable to find new mortgage, you stand loosing your home. The advantage with balloon mortgages is low initial payment. Balloon mortgages also have a conversion option and you can change balloon mortgages to another type.

There is also something called two-step mortgages. They combine characteristics of fixed and variable rate mortgages and have names like 228, 525 or 723. A 228 will have two years of fixed payment, an adjustment and then remaining term with fixed payment. Similar pattern will follow for other mortgages. Bi weekly mortgages enable you to make payment bi weekly instead of monthly. This mortgage is used to shorter the term of 30-year-old mortgages. Bi weekly mortgages are a great tool for budgeting but wont be of good help when faced with emergency money requirements.

Mortgages. The Return Of The Mega-Mortgage.

Posted on | November 9, 2010 | No Comments

With the housing market is now showing marked signs of recovery, especially in the South and London, the number of homeowners mortgaging for more than 500,00 is increasing. (Also see Latest Market Facts at the end of this article.)

Previously, prospective borrowers for these mega mortgages have experienced a mixed reception from the lenders sometimes the lenders would provide the facility but viewed them as higher risk. For that reason lenders typically charged a premium rate of interest. But no longer. The tide has turned.

Mega mortgages have well and truly joined the mainstream and lenders are now competing hard for the business. Instead of facing a premium, borrowers are being offered around a quarter of a percent less than comparable deals for more normal sized mortgages. This is because lenders are increasingly basing their lending decisions on the borrowers ability to afford the mortgage with lesser emphasis being placed on the security provided by the property. It also helps that interest rates remain low.

If youre a potential mega mortgage borrower, youll find that the banks will generally be the most welcoming. Compared to building societies and other mortgage lenders, banks tend to set higher lending limits. Some smaller lenders still set a cap at 500,000 whilst others restrict the amount theyll lend against an individual property. But perhaps the best way of finding a really competitive mega mortgage is to go through a specialist mortgage broker. In the current market, any broker worth their salt will be able to source a great deal on six and seven figure mortgages.

For example, the Halifax will lend up to 90% on a 4.49% fixed rate for a two years on mortgages up to 2 million. And the arrangement fee is just 499. If youve got a larger deposit, at least 25%, then there are several other deals around at 3.99% – again for a two year fix usually with a fee of just a quarter of a percent.

Latest House Market Facts

In March, the average achieved sales price was 94% of the asking price.

The average number of viewings to sales was 11.
During March house prices in England and Wales rose by 0.5% driven by buoyant London market. London prices grew by 1.1%.

This is the fourth month in succession of house price growth. Its also the highest monthly rise since the summer 2004.

Over the last 12 months house prices rose by 0.1%.

The performance of the London market results from of a number of factors:

A shortage of new housing coming onto the market
London has underperformed in terms of house price growth over the last few years. This in turn has meant that incomes and house prices in the capital are more closely aligned than in other regions.

In other parts of England and Wales, levels of affordability remain stretched.

At a local level away from London, prices have picked up mainly in cities in the South of England. Berkshire (0.7%) and East Sussex (0.6%) performed well.

Cities in the North saw slower price growth, with Newcastle, Liverpool, and Manchester all reporting growth of just 0.1%.

The under-performing counties were Derbyshire (-0.1%) and the Isle of Wight (-0.1%).

The areas reporting the highest rises in March were all across London: Central London & City (1.9%), East London (1.4%), North London (1.2%), West London (1.2%), South-West London (1.0%) and South-East London (0.8%).

In March the national average house price stood at 162,500.

Mortgage Rescue Scams Are On The Rise

Posted on | November 2, 2010 | No Comments

One type of mortgage rescue scam involves a predatory real estate investor stealing the equity a victim has built up in their home. Typically, the scammer will tell the victim they want to help save the home from foreclosure. This real estate investor will tell the victim he or she will buy the house personally, or will arrange to have another investor purchase the house.

The scammer promises to lease the house back to the victim for a period of 12 to 24 months to allow the victim to recover financially, repair their credit, find a better job, etc. They say that after the victim is economically healthy they will sell the house back at the end of the lease.

The real estate investor will often also attempt to sell credit repair services, mortgage broker services, and job placement services to the victim as part of the scam. Eventually, the scammer will force the victim out of their home and then sell the house, keeping the equity for themselves.

Government officials are seeing more of this type of criminal scam as mortgage rates increase and increasing numbers of homeowners are facing higher mortgage payments.

The scammers often use company names reflective of church affiliations. Often they use connections through social organizations or churches to meet victims.

Another type of mortgage rescue scam is a lease back transaction built on a series of lies. The scammer has no intention that the victim will be able to avoid losing the home. The scammer leases the house back to the victim with lease payments as high, or higher than the mortgage payments the victim was failing to make in the first place.

The scammer will often fail to provide the promised credit repair services, mortgage broker services, or job placement services that would be needed to put the victim in a position to repurchase the property at the end of the lease. As soon as a lease payment is missed the scammer will move to have the homeowner evicted.

Once the homeowner is evicted, the scammer will sell the house, pay off the underlying mortgage, and keep the equity. The victim end up with ruined credit and any mortgage obligations not satisfied by the sale of the home in the scam transaction.

There are many other variations on this scam. Sometimes the scammer will purchase the house from the victim below market price. The loan application may claim that the scammer intends to occupy the house when, in fact, there is already an agreement to lease the house back to the seller which is not disclosed to the lender. This lie helps insure that the loan will be approved and will give the scammer a better interest rate on the mortgage than if it had been an investment loan.

Sometimes the scammer will use an investor to purchase the house with a mortgage loan at below market value. The investor, who is often another victim, will then immediately quit claim the house to the scammer, often for a fee being paid by the scammer. The investors loan application will often claim the property is to be owner occupied when there is a lease agreement already in place with the seller. The existence of the lease will not be disclosed to the lender.

Scammers find vulnerable people through marketing, public records, or personal networks. Marketing includes direct mailings, radio and TV ads, or simpler approaches such as posting fliers. Public records may be found at county recorders offices where notices of trustee sales are available to the public.

Personal networks often include churches or community organizations. Professional networks can be used to locate victims when the scammer is also a real estate agent, mortgage broker, loan officer, attorney, or appraiser with inside information about the victims vulnerable financial position and pending foreclosure.

If you know people involved in these types of scams, call the Department of Financial Institutions Enforcement Unit with details.