The Real Deal Miami

Corcoran talks about mortgage scams

May 29, 2009 04:02PM

On the Today show, Barbara Corcoran, founder of the Corcoran Group, talked about different mortgage scams. Corcoran said one of the most common scams is paying a consultant to investigate whether a homeowner can qualify for the Obama administration’s program to prevent foreclosure. Corcoran said all the information about the program and how to qualify is available for free on the Internet. Other mortgage scammers pull a bait-and-switch, in which a fake mortgage counselor has a homeowner sign a mortgage application, which is really a transfer of title. And other scammers convince homeowners to sell their houses and rent them back, only to raise rents and evict them.