Could something like this happen to you? Someone knocks on your door offering to install some new siding or another home improvement project for what sounds like a reasonable price. When you tell the contractor cost is an issue, he tells you he can arrange financing for your home improvement project through a lender he knows.

At some point after work begins, you're pressured into signing some home improvement documents. Even though you notice blank spots, and don't have time to read the papers, you sign anyway, because you're worried that your home improvement project will be left undone. Unfortunately, the moment you sign you become the unwitting victim of a home improvement loan scam.

The Home Improvement Loan Scam

See, those papers you've just been pressured into signing, aren't your typical financing documents. Instead, they're a predatory home equity loan featuring exceptionally high interest rates, points, and fees. Even worse, now that you've signed the documents and the contractor has been paid, you no longer have any way of insuring that your home improvement project is completed.

Avoiding Inappropriate Home Improvement Loans

According to the Federal Trade Commission, there are many things home owners can do to protect themselves from home improvement loan scams. Here are some suggestions for avoiding questionable lending practices.

• Never take out a home improvement loan from a contractor without comparing rates or talking to several different lenders.
• Don't let anyone pressure you into signing any financial documents or agreements.
• Never agree to a home improvement loan if you don't have enough to make the monthly payments.
• Do not sign any documents that you haven't read.
• Never sign a document that contains blank spaces that will be filled in after you sign.
• Under no circumstances should you ever deed your property to anyone without first consulting an attorney, a knowledgeable family member or someone else that you can trust.

By following these tips, and by thoroughly researching any contractors who solicits door to door you should be able to make your next home improvement project "loan scam-proof."

Source

• Home Sweet Home Improvement, Federal Trade Commission

About the Author
AJ Fanter is a freelance writer based in Reno, NV.

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