FORECLOSURE SCAMS

If you are in a distressed condition or being threatened with foreclosure, you are likely to be exposed to unscrupulous firms that may want to take advantage of your financial crisis. You must be on the alert to avoid false or misleading programs that are advertised as “THE” remedy for foreclosure. BE SKEPTICAL of any firm that contacts you about refinancing or loan consolidation. Firms soliciting loans via “door-to-door” sales and even mass mailings are not always trustworthy. In the Unites State,s mailings have become very creative and, in some cases, unscrupulous companies attempt to represent themselves as government officials or even your mortgage lender in order to get your attention.

If you have doubts about a firm, you should check the business name with your state attorney general, the banking commission, and the local consumer complaint hotline. NEVER SIGN DOCUMENTS, especially those related to your home, without fully comprehending what is contained in them. You should also AVOID ANY OFFER TO SELL YOUR HOME WITH AN OPTION TO BUY IT BACK. Selling your home means giving up your rights as a homeowner. BE CAREFUL OF ADVERTISED SCHEMES TO SAVE YOUR HOME FROM FORECLOSURE, or personal solicitations to help you avoid it. Never, ever send an application or processing fee to a lender or servicer who advertises “Bad Credit, No Credit, No Problem” and then provides a toll free (800, 888, or 877) or toll (900) number for you to call.