Foreclosure Rescue Scams Are Out There – BEWARE!
Washington, as well as other areas, have a growing problem of foreclosure rescue and mortgage modification scams that could cost you thousands of dollars OR your home should you fall victim. Scammers will usually make promises they can’t keep such as ensuring GUARANTEES of certain outcomes for a fee and/or pretending they have direct contact with your mortgage servicer.
If you think you may be a victim of one of these kinds of scams, file a complaint NOW.
To help you avoid such scams follow these tips:
If you see/hear promises to save your home and lower your mortgage or debt payment, beware of con artists. If you are struggling to pay your mortgage, keep these tips in mind:
On your own or with help from a HUD-approved housing counseling agency, you can apply to the federal Making Home Affordable (MHA) program. For more information call 888-995-HOPE.
ONLY your mortgage servicer can grant a loan modification. This is how you know it’s impossible for a third party to guarantee or pre-approve your HAMP mortgage modification application.
If they want you to pay a fee upfront, beware. In most cases, charging fees in advance of a mortgage modification is actually illegal. Paying a third party won’t improve your likelihood of receiving a mortgage modification anyway.
If an individual or company claims to be affiliated with HAMP or has a logo or some display representing themselves as such, check out the said connection by calling the Homeowner’s HOPE Hotline at 888-995-HOPE.
Also, be leery of anyone that offers money-back guarantees.
ESPECIALLY beware of anyone who advises you to discontinue contact with your mortgage servicer or to stop making mortgage payments.
Never sign over the deed to your property to any individual or organization unless you are working directly with your mortgage company to forgive your debt.