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The Practices:
Equity
Stripping
The
Balloon Payment
Loan
Flipping
The
"Home Improvement" Loan
Credit Insurance Packing
Mortgage Servicing Abuses
Signing Over Your Deed
Do's and
Don'ts
More Info
Home
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Credit Insurance Packing
You've just agreed to a mortgage on terms you think you can afford. At
closing, the lender gives you papers to sign that include charges for credit
insurance or other "benefits" that you did not ask for and do not
want. The lender hopes you don't notice this, and that you just sign the loan
papers where you are asked to sign. The lender doesn't explain exactly how much
extra money this will cost you each month on your loan. If you do notice, you're
afraid that if you ask questions or object, you might not get the loan. The
lender may tell you that this insurance comes with the loan, making you think
that it comes at no additional cost. Or, if you object, the lender may even tell
you that if you want the loan without the insurance, the loan papers will have
to be rewritten, that it could take several days, and that the manager may
reconsider the loan altogether. If you agree to buy the insurance, you really
are paying extra for the loan by buying a product you may not want or need.
Mortgage
Servicing Abuses | |
| ;HomeEquityScamsFraud
Home Equity Scams & Fraud:
Do's and Don'ts
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