Beware Of Phishing Scams

Phishers are taking advantage of the recent financial crisis to scam people and obtain their sensitive personal information.

I ran across a great article today on the topic published by the U.S. Federal Trade Commission (FTC). Here's an excerpt from the article:

"Phishers send attention-getting emails that look like they’re coming from the financial institution that recently acquired your bank, savings and loan, or mortgage. Their intent is to collect or capture your personal information, like your credit card numbers, bank account information, Social Security number, passwords, or other sensitive information. Their messages may ask you to “update,” “validate,” or “confirm” your account information."

In the article, the FTC provides tips to help avoid getting hooked by a phishing scam. I highly recommend you read the Federal Trade Commission article on phishing titled Bank Failures, Mergers and Takeovers: A “Phish-erman’s Special”.

Another great resource is the OnGuardOnline.gov website, which contains tips from the federal government and the technology industry on how to guard against internet fraud, secure your computer, and protect your personal information.

Beware of Foreclosure Fraud Schemes

I read a disturbing article today about people being taken advantage of with all kinds of foreclosure fraud schemes of one sort or another. The article is on msnbc.com and is titled Millions At Risk Of Foreclosure Fraud.

A lot of people commented on the article that people should always read what they sign before they sign it, but I’d like to know what percentage of people actually read every bit of every document they sign when they close on a house. In discussions with friends and family I haven’t come across a single person who’s done this, and I would guess it’s no more than a few percent at most. So there’s obviously a problem with the process if just a handful of people are reading every word of what they’re signing when hundreds of thousands of dollars are at stake!

Yes, we should all read every document we sign, but that’s almost impossible with the stack of paperwork one has to sign to purchase a home. We need to encourage our elected officials to sponsor and promote legislation that simplifies the paperwork and makes the documentation much easier to understand at a glance so the average person knows exactly what they are agreeing to. If the paperwork were easier to understand then there would be a lot fewer people signing and legally committing to things they don’t understand or don’t agree with.

Ever since we bought our first home a few years ago I’ve thought that mortgage documents should be made less burdensome and more understandable. I believe home purchase documentation should include a single summary sheet of paper that contains the numbers and answers to the following questions: What is the term of the loan? What is the interest rate? What is the monthly payment? Are there pre-payment penalties? Can the payment amount ever change?

It’s an unfortunate reality that laws in the United States allow individuals to take on far more debt and financial risk than most other industrialized nations, so someone needs to take a look at our laws and fix them. The idea that our laws provide no protection for someone who is encouraged to get into a variable rate loan they can barely afford while interest rates are near 40-year lows, or allows people to tap into all their home equity after a 50%-60% run-up in housing values over just a few years’ time is beyond me.

If you or someone you know is facing foreclosure, expect people to come out of nowhere with promises to save the property, renegotiate the loan, etc. Protect yourself and get a real estate attorney to review any documents before you sign. One key thing to keep in mind is that when you sign the title of your home over to anyone else for any reason, you are in effect selling them your home.

Until changes are made to our laws, people need to understand that the best thing to do before entering into any type of legal agreement involving real estate is to invest a couple hundred bucks and have a real estate attorney review the documents before they sign. Doing so could save many headaches, sleepless nights, and untold thousands of dollars!

Lead Tester For Toys

Protect your children and your family from lead poisoning.

Saving money, making money and creating a secure financial future for yourself and your family is important, but taking adequate measures to protect them from harm is even more important.

With all the recent press on imported products, especially toys, containing lead, it's become vital to be able to test household products for lead. Some toys and even ceramics produced in foreign countries may contain lead and expose your family to lead poisoning.

I found the highly-rated Homax Lead Test kit, which is a hand held lead test kit you can use to do your own lead testing at home. It contains swabs you can use to test paint, ceramic, glass, soil, plastic and any other surface for lead, with accurate and instant results. You can use it to test for lead in toys and jewelry, and even check for lead paint in homes prior to 1978.

Use a lead tester for toys and give yourself peace of mind today!