You’ve heard the saying: "always read the fine print." This is especially important when you are buying a home. Indeed, it is important to read the home mortgage paperwork, and maybe get a lawyer or another family member to read it as well. Why? Because you never know what may be lurking in the home loan paperwork. You may not even be buying a home at all, reports the Salt Lake Tribune:

In one recent case, several
Latino families said they thought they were buying a home when they
actually were signing a long-term lease agreement with only an option
to buy the home sometime in the future.

And this is just one specific case. This type of mortgage fraud is becoming more and more common. You think you are buying a home, but really you are signing a long term lease, with the option to buy. Before you sign anything, make sure you understand the terms used in the home mortgage papers and be sure to read it all thoroughly. Because you may still be paying rent.

Tags:   lease option to buy, home mortgage, home mortgage paperwork, home loan,
mortgage fraud