Foreclosure Relief Safety...
Foreclosure Relief Safety
Some homeowners are being
targeted by scammers promising loan modifications, lower interest rates, and
foreclosure relief. In exchange for a fee, scam artists might promise to save
your home from foreclosure. But if you do business with them, you risk losing
your money and your home.
Donít trust companies
- Charge upfront fees
- Promise help that sounds too
good to be true
- Promise you ďspecial bailout
fundsĒ or hint they work for or are affiliated with the government
- Use high-pressure tactics or
say you must act now
- Say they can help you
regardless of your financial situation
- Tell you not to call your
lender or the court
- Tell you not to make your
- Promise an attorney will
look over your loan, but wonít give you a name or phone number
- Give you a lengthy agreement
you must sign before they will help
- Brag how they are faster
than nonprofit counseling agencies
If youíre in foreclosure, donít panic.
Take charge of your situation by immediately following these steps:
- Call your lender and ask for
the loss mitigation department. Be honest about your situation.
- Stay in your home. If you
leave, you may lose some of your rights. Vacancy also can lead to vandalism,
and you could be responsible for any damage.
- Open your mail. Government
and nonprofit agencies may send you information to help you keep your home.
- Beware of scams. Companies
are prohibited from charging up-front fees for foreclosure rescue services.
- Contact your county common
pleas court and ask for foreclosure mediation. If itís available, the court
will arrange a meeting with you and your lender to help save your home.