Mortgage Loan ABC - 5 Scams - Countdown of the most extreme

5 Scams - Countdown of the most extreme

Scams have become an ever growing thing in the world today; as soon as one is knocked down another one arises in a new and even harder to catch form. Let's have a look at some of the most extreme accounts of scams that are very common and hit people right where it hurts, their pocket.

5. Mortgage Elimination Scams:

This scam works by the company telling their client that they can completely eliminate their mortgage debts through loop holes in their contract for a small fee. This fee is usually around the few thousand dollar mark. These scams aim for people who are financially stressed and are looking for a way to get back on top their mortgage repayments. Home owners have fallen for this scam and the only real outcome is that they have put themselves further in debt and have a lost a fair bit of their money as well as

sometimes even having criminal charges put against them.

4. Investment scams:

These scams work by enticing people to invest their money into their company with low and a discounted deposit which include a super high interest rate. They guarantee that you will start making money on your investment within a matter of a few short hours. Usually the people who are most likely to fall into such a scam are people who are new to the whole investment arena. The outcome of such a scam will be your loss of a lot of money that is most likely never going to be retrieved.

3. Mortgage Loan Scams:

This scam works by either advertising on the internet or through the local paper and will usually use well known names of loan companies. These ads are often aimed at people who are looking for a low interest rate mortgage loan. Many people buy into it, contact them and give them a wealth of information about themselves such as their social security number and their bank account details. Usually these loans are approved immediately and the next step is for you to fax your personal information to them. You will be expecting them to make a deposit or a repayment for you, but it never happens. Usually the outcome to this scam is that people lose their money, have no mortgage loan and are at risk of identity theft.

2. Business Opportunities:

Everyone has the dream of one day working at home or owning their own business and that is why this scam is always around. A person fall into it every single time it's offered, especially now that the internet is here and makes it that much easier to scam people. These scams work by promising, for a small up front fee, that you will receive a list of jobs or have a great selling business that you can make thousands of dollars from, every single month. Usually the outcome is that you pay out money not to ever receive any work or any thing in return.

1. Credit Card Scams:

I saved this one for last as it is the most extreme and most common scam that's around today. No one is safe from it and it can happen anywhere and at any time. Some common ways people can get your credit card number and scam you into paying thousands of dollars worth of bills is through the internet and using insecure pages to log in your credit card information. Through the phone, people ring you up pretending to be the bank or another company asking you for your credit card numbers to verify it. Many new credit card holders have their cards stolen and nowadays it is easy for the people who steal them to verify them. Using such inventions like the 'fake' caller ID, all they have to do is have your credit card number along with your phone number and they can make the verification call from anywhere by dubbing your number into the fake caller ID. The outcome of this is usually always the same, they create one enormous bill for you to pay before you even realize that your card or your cards numbers have been stolen. Also another outcome is the risk of having your identity stolen, as they have all the information they need.

As you can see all of these scams are pretty common and you see them everyday, but just because they are common doesn't mean that you need to fall prey to them. Always protect your personal information and use your common sense when applying for things.

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Mortgage Loan
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◦ APR, FICO, HELOC - The FAQ's on these Little Initials and More
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