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BBB Warns Users of Refinancing Scams

The Better Business Bureau (BBB) of North Alabama has urged customers in the region to be wary of scams that are particularly dealing with upfront charges to refinance their homes, reported whnt.com in the last week of November 2015.

With rising interest rates, scammers are unduly taking advantage of this situation and trying their best to con those people who are already caught under such debts. They offer help by saying that they will significantly decrease the person's monthly payments, adds BBB.

This kind of understanding attitude by the scammers is showcased to win the trust of the person in need of urgent money. However, they ask for a big upfront amount...which otherwise would be counted as basic administration charges and other security charges. The scammers demand a large down amount. The twist arises when the customer makes the hefty down payment and the scammers just vanish with the person (or the victim's money).

Such kind of scams is conducted with the aid of scam emails or by fake calling, notes BBB.

The goal of the scammers is to catch the person in need totally unawares. With the aid of scam email or cold calling, scammers try to pressurize the person and urge him to make a quick decision or he would lose the offer. Scammers accredit their offers by endorsing it on behalf of government organizations, highlights BBB.

So how do find out a mortgage scam. Some simple tips include:

Firstly, mortgage refinancing scams can take various forms while the above discussed one exploits the vulnerability of homeowners in need of urgent money, many scammers particularly target those individuals who are already lagging behind in their payments and are already under mortgage waters. Red flags such as these one should be closely observed.

Secondly, the scammers may advise those in need to stop making payment to their mortgage lender. Simply avoid such kinds of advisory as it will put you in more trouble as credit rating points of yours will be strongly hit. Also, the money that you give to the third-party would disappear.

And last but not the least, before believing any third party lender it is always good to check their status on BBB by logging on to their website.

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