Question: My father who is 70 years old was approached by a Phoenix company. How do I find out if this company is legitimate? I think it's a scam and want to convince my Dad - as he is already filling out the paperwork. Thank you for your help in this matter.
This is general information. To find out more about your situation you may want to consult with an attorney about the specific mortgage company, its contract terms, and the differences between mortgages, and installment land contracts.
If you feel that this mortgage company might be a scam, you may want to look them up at the Better Business Bureau (BBB). When you get to the site, click “USA site”, then in the drop down member click “I am a consumer”, then select the first link, that states “check out a business” and type in the business name. By doing so, the business will come up. BBB states that this company does not currently have an accreditation with them, and currently has a rating of a “c-.” You may click on the business and it will tell you why it has that rating, which may help you and your family with their decisions.
You may also be able to check the company’s registration with the state of Arizona. There you may be able to see if there are any strikes or grievances against the company.
Lastly, you may want to read over the company’s website to learn more about them.
Again, this is only general information. To find out more about your specific situation consult with an attorney.
September 16, 2009