Monday, January 17, 2011

Would You Recognize a Foreclosure Scam????

Seems like when there is any kind of announcement that involves possible confusion in the world of foreclosure, there is always someone that is ready to take advantage of the opportunity.  In light of all the talk about foreclosure freezes, possible bad loan practices and national loan modification programs, there have been a whole new group of scammers that are surfacing.  They are trying to take advantage of people who aren't sure what is going on, they may be in trouble with their mortgages and don't really know if they have contacted the right people for help.  They are very good at what they do and are pretty hard to spot.  Here are a few warning signs that suggest you may be talking to a scam artist and NOT someone who is there to help:
1) They will ask for a fee in advance to work with your lender to modify or re-instate your mortgage.  Don't pay anything up front to anyone without knowing for SURE who you are talking to.
2) They want you to pay them instead of your mortgage. Many will tell you they will make payments for you and deal with the loan people.  NEVER send money to anyone but your lender for mortgage payments.
3)They "promise" to stop foreclosure .  Nobody can guarantee to stop foreclosure.  Legitimate HUD-approved counselors will promise only to "Do the best they can."

To find a nonprofit, HUD approved housing counselor in your area visit www.LoanScamAlert.org or call the HOPE HOT LINE at 888-995-4673. 

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