Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Miss Molly
Hi all--It's been a long time.

I have a close friend of mine who has a score of mid 800's who needs to refi before a balloon sets in. Since I lost it all---way back when- I want to help him to make sure he doesn't have problems.

Where should he go??? Is there any way he can make sure that he gets a fair & safe loan???

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Sara
Molly:  Your friend needs to check and make sure that the loan is actually not illegal to begin with!

In some states a balloon payment at the end of a loan is illegal.

S
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arkygirl
The credit score would justify applying at a community bank or credit union.

Some of these loans may have balloon payments at the end so he needs to read his docs carefully. Some national banks have switched from ARMs to balloon payments...neither is a good thing for the borrower but balloons are easier to deal with as payments stay the same until the end.

Ideally he would be able to get a loan with payments low enough that he could make extra principal payments. He can beat the balloon this way and get out from under the mortgage sooner.

Also, tell him to keep scrupulous records in a folder.

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