Refinancing one’s mortgage for more affordable monthly payments often enables a homeowner to retain their property. If you are considering this option, BBB suggests you shop around, compare prices and negotiate. But also move with caution when dealing with some lenders.
Common schemes designed to lower your available cash, not your interest rate include:
Direct mail solicitations often tout the Obama administration’s mortgage relief programs such as HARP or Making Home Affordable Plan. These solicitations often make exaggerated claims of savings, bear symbols which appear to represent government agencies and create a sense of urgency by stating “limited time offers.”
False mortgage refinancing ads can be found on social media sites such as Facebook and Twitter. These ads make phony claims of being sponsored by government rescue programs. They may include a website link directing you to an “online refinance center.” Many of these bogus sites request personal identifying information or may require upfront fees, which are not only illegal, but can result in hundreds of dollars being paid for a service never delivered.
To help you decide if refinancing is for you and to help you prepare to approach a financial institution, BBB offers these tips.
I have been trying to refinance our home with JpMorgan/Chase since June. It is now September and no closing date. We have been given 2 closing dates which have not been completed. I am discussed with Chase and I want to report them to the BBB.
Thanks,
amm
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I had applied for refinancing my mortgage thru Top Legal Advocates, Detroit, MI. In May 2012 I was required to send them $4000.00 before they would help me. They also told me it would be better for me if I stopped paying my mortgage completely. Needless to say they have done NOTHING for me and now I am in the process of working with my bank on my own. Please don’t make the same mistake I did. DO NOT ask Top Legal Advocates to help you.
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