If you are looking to refinance or get a loan modification on a home mortgage, you need to make sure all your T’s are crossed and I’s are dotted as your application goes through the gauntlet process of meeting strict guidelines. Know the rules of the game and play it right, otherwise you will be stuck in an unfortunate catch 22 situation.
If you have little skin in the game, you are likely to default on the loan once you can’t make the mortgage payments. Statistics have shown these mortgage defaults are tied to people who borrowed large mortgages with nonexistent down payments.
If you are struggling to make mortgage payments, then a loan modification might be right for you. This is the last option for homeowners who are facing default, and can prove financial hardships.
http://www.washingtonpost.com/wp-dyn/content/article/2009/07/03/AR2009070302626.html
Mortgage fraud is a pretty serious crime considering so much money is involved in these transactions. Learn the terminology and the type of scams involved in defrauding borrowers and lenders, home buyers and sellers alike.
The FBI created a national team in December just to handle this type of crime.
http://www.nj.com/business/index.ssf/2009/07/mortgage_fraud_has_many_guises.html
A look at back at popular mortgage programs of 2005. Are the wacky programs that contributed to the mortgage crisis still available today? See for yourself on how the Arizona mortgage landscape have changed.