Many home owners who have had a fixed rate mortgage for the past few years followed by an adjustable rate are falling victim to mortgage payment shock when the adjustable rate kicks in and the mortgage payment suddenly soars. Many others have heard of the high number of recent foreclosures due to these types of loans and are fearing the worst when it comes time for their adjustable rate to start.
To deal with this problem the FTC has recently released a new publication to help consumers avoid foreclosure scams and save their homes. The publication “Mortgage Payments Sending You Realing? Here’s What To Do,” explains the different types of mortgages and proactive actions consumers can take in order to avoid predatory scams.
If you have this type of mortgage I urge you to read the publication. Be proactive and learn the terms of your mortgage you may also want to contact your loan provider to inquire about what options you may have. The earlier you start your research the better off you will be when it comes time for your mortgage to change to an adjustable rate.
If you feel that you are a victim of a fraudulent, deceptive or unfair business practice regarding your mortgage you can file a complaint with the FTC call them at 1-877-382-4351 or visit them online at http://www.ftc.gov/ftc/complaint.shtm
Jeffrey G. Funk, P.A.
Realty Executives Central Florida
7932 West Sand Lake Road • Suite 302
Orlando, FL 32819