When you are hurting, you want to stop the pain, whether financial or otherwise. When focused on getting relief, you are most vulnerable to a scam. If financial troubles make paying your mortgage impossible, even temporarily, almost anything to stop the constant collection calls can be extremely appealing. That is when mortgage modification scam artists target consumers.
Locating their victims is easy. Victim contact information is publicly advertised when a foreclosure begins. Scammers can subscribe to digital foreclosure lists ready for mass mailings. Since crooks ignore foreclosure prevention laws, many of these outfits work across state lines, targeting consumers anywhere in America
Millions of homeowners will face possible foreclosure in 2009. Thieves offer legitimate sounding plans that claim to save your house. Think about it; it is easy to promise anything if you have no intention of keeping your promise. You, desperate to keep your family in your home, fall victim to their tantalizing advertisements. Add the soundbite confusion over the various government "Making Home Affordable" stimulus plans. It is no wonder homeowner confusion about their options is nearly complete. This is a near perfect recipe for the enterprising scam artist.
Whether they call themselves Mortgage rescue specialists, loan modification specialists, loss mitigation specialists, or some other solution sounding name, the outcome from a scammer is always the same: you pay $$$, but nothing happens. You lose money you can ill afford to risk and your problem grows with the passing of time as your lender proceeds through the steps to recover their investment. You can lose your money and your home, even while doing what you believe will correct the problem.
Here are some SCAM RED FLAGS to help you stay clear of these vultures:
- SCAM RED FLAG! Foreclosure filings are public record. Crooks easily harvest basic information on at-risk homeowners. Be wary of anyone who calls you to offer a rescue plan. Scam artists say all the right things. They often use a company name that sounds legitimate or even official. Play it safe and only speak with companies where you initiate the call, such as to your friendly mortgage broker.
- SCAM RED FLAG! Never pay a fee before service is delivered. Fees of $2,000, $3,000, and more are common. Whether or not your lender will approve any loan modification request is entirely up to them.
- SCAM RED FLAG! There are no loan modification guarantees. Not only can you lose thousands of dollars, but perhaps your home as well.
- SCAM RED FLAG! Don't sign any documents on the spot. If someone tries to rush you into signing, show them out. Have your attorney review the agreement before you sign anything.
Part of the government plan depends upon whether your loan is carried by Fannie Mae or Freddie Mac. How do you know? To learn if your loan is owned by Fannie simply call (800) 7FANNIE. For Freddie call (800)-FREDDIE.
Once you have this answer, you next need to know if you qualify for one or more of the available federal housing programs?
- Check your eligibility on line at www.financialstability.gov
When you need impartial help to understand your options, the National Foundation for Credit Counseling (NFCC) has the largest network of certified housing counselors in the nation. Some of these counselors have decades of experience, deal with homeowners and lenders all day every day, and fully understand how to make the new housing plans benefit those who are facing foreclosure. And, equally important, their help is free of charge.
Don't fall for a hollow promise from a scam refinancing mortgage when you can have substantive help for free. To locate the NFCC Member Agency housing counselor closest to you, call toll free to (866) 687-6322, or go on line to www.MortgageHelpNow.org where you can also find more information about mortgage rescue scam prevention.
Other sources of responsible assistance may include your attorney or your financial adviser. These professionals can provide you with effective assistance, although they will send you a bill for their services.
Your home is important to you and your family. Yes, bad things happen to good people too. You may need a hand up from time to time through no fault of your own. mortgage refinancing key is to seek competent assistance from sources such as NFCC or your attorney. If you do decide to retain some sort of mortgage loan assistance company, at least check them out carefully with the Attorney General office in their home state, your state, and the District Attorney's office in their home city. A bit of time doing some Google searching can also pay dividends.
Stay smart. Stay safe.
Bruce Forge
All Cities Investors Group Inc.
http://AllCitiesInc.com/
Bruce has over 40 years in the mortgage and real estate industry. He has helped hundreds of families and investors obtain homes and investment properties of many types. He is based in Southern California.
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