The impact of COVID-19 has led to financial struggles for homeowners across the nation. In fact, a recent study conducted by OnePoll in conjunction with the National Association of REALTORS® discovered that more than 8 out of 10 American homeowners–81%–the COVID-19 pandemic has caused them unexpected financial distress.
“The effects of COVID-19 have led to some homeowners taking desperate measures to ensure they can protect their investments. Scamming activity increases during times like these, so homeowners must remain vigilant and be cautious of offers that sound too good to be true,” said ECAR President Bonnie Nault.
Here are some warning signs of scams and unfavorable loan terms:
Sounds too easy
“Guaranteed approval” or “no income verification” regardless of borrower’s current employment, credit history, and assets.
Large future costs
High-risk adjustable rate mortgages where payment rises significantly after the “teaser…