Financial Scams Await Uninformed House Owners
Even in this age of information technology and easy access to information, a majority of people are still unaware of the rules and regulations in the financial sector. This lack of awareness among people serves as a catalyst for the synthesis of a scam.
Most of us buy a house or build one with the help of some or the other type of loans. Unfortunately, some people may not be able to repay the loan or credit promptly. When the dues mount, the finance companies go for excessive interest rates followed by foreclosure. This is a difficult scenario for any home owner. This is exactly the time when the people behind the scams make their moves. They approach you with various short-term advances from obscure financial companies. They will be ready to accept the property that you have already pledged to another bank as collateral.
But after taking the easy money, you will soon realize that they charge a heavy fee and hefty interest for this new loan. You will be helpless as you would have already signed some documents without reading them properly due to your hurry.
If you had found it hard to repay the previous loan with a normal interest rate, then it is unlikely that you will be able to repay this new advance with its exorbitant interest rate. Before long, the same people who came to help you out earlier will come to oust you from your property, showing the documents that you had signed.
They will be so very strong and well-organized that you will find it difficult to counter them. The lesson here is that do not trust the obscure finance companies and their fancy schemes. No respected company will provide credit to a person who has a bad credit history.
Another type of scam involves unregistered renovation contractors. Usually, such people will try to lure you into remodeling the house. They would promise that they will arrange finance for this purpose. You just need to sign a few papers and provide an initial amount.
If you fall for the trap, that's it. Once they get an initial amount and the papers signed by you, they would start dictating terms. If you are not smart and informative enough, it is unlikely that you will be able to get rid of them. The morale here is- don't trust unregistered or unlicensed contractors.
Far more complex varieties of loan scams exist. A good indicator here is the speed of processing the application. If you get your loan application sanctioned within minutes, think again before signing the documents.
Category: Financial Plan & Invest
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