Warning signs that you may be dealing with a mortgage foreclosure scam operator:
If the company:
* Demands a fess in advance. No legitimate organization that works with borrowers to avoid foreclosure will ever ask for money up front.
* Offers to negotiate a loan modification for you for a fee.
* Makes unsolicited offers or “lofty” advertisements, claiming they can help save your home.
* Recommends you break off contact with the lender and any counselor that you may have been working with.
* Advises you to stop making mortgage payments.
* Tells you to send your mortgage payment to anyone other than your loan servicer.
* Instructs you to transfer ownership of your property.
* Makes verbal promises that aren’t put in writing.
* Asks you to sign a document that has blank lines or spaces.
Remember the old saying, “If it’s too good to be true, it probably is.”
Be Safe. It is important that you take action by contacting your mortgage lender – or any legitimate financial counselor – to find real options to avoid foreclosure. A number of agencies provide free counseling services to homeowners who are having trouble making ends meet. These agencies can help you explore your options, which may range from modifying your loan to refinancing your loan to selling your home and using any equity to start over.
Contact reputable housing counselors such as: The U.S. Department of Housing Urban Development at www.hud.gov and The Distressed Property Institute at www.cdpe.com
PDF This post was submitted by By Rudy Lira Kusuma, CDPE®.
