Mortgage Refinance Scams

There have been several articles out lately about companies that scam people with offers to refinance their mortgages. They contact people by phone or mail with offers to lower the interest rate, lower the payment, get government aid, all for 3 easy payments of only $1500. Yes, you too can send in your money to a someone you've never heard of, has no office, no BBB rating and feel good because--> they have a web site.... While I think these scammers should be lined up against a brick wall and machine gunned, I have to say the people who have sent in money bear responsibility also. Are they really so naive? I am dumbfounded by the people who take out a $300,000 loan with an income of $30,000/yr and are surprised to find that they can't pay the payments. (I'm certainly not absolving the banks who targeted the lower income areas although I am aware of how our government policy encouraged them to do it.) Then these same people who took out the $300,000 loan on a $30,000 income and can't make the payments turn to scammers who get $4500 out of them in the attempt to re-finance the home that they couldn't afford in the first place. Come on now, if it sounds too good to be true, in all probability it isn't legit. There have been con men and there have been fools from the beginning of time. Perhaps that is why Proverbs tells us that "The fool and his money are soon parted."

Thought for the Day:
There is only one corner of the universe you can change, and that is yourself, but in changing that corner, you change the universe. Chinese proverb