March 19th, 2008
How To Protect Yourself From Home Improvement Loan Scams
Unfortunately, the remodeling industry is not immune to some of the scams that pop up every so often. However, if you use good sense and take some basic precautions you can avoid becoming a victim of these deceptions.
One scam to be aware of and avoid is when a contractor calls or comes to your house and offers to do remodeling work at a price that sounds reasonable. You’re interested, but you can’t afford it. He tells you that it’s not a problem - he can arrange for financing through a lender he knows. You agree to let him go ahead with the project, and he begins work. After the contractor begins the work, you are asked to sign a bunch of papers.