Scams to Watch Out For
Facing the loss of your home is a bewildering,
traumatic experience. It's bad enough that you feel
vulnerable and frightened. Worse, unscrupulous companies and
individuals may try to take advantage of your situation by proposing
solutions that sound good, but actually land you in deeper trouble.
Watch out for
Equity scam. Someone
approaches you offering to bail you out of foreclosure - all you need
to do is sign over ownership of the house. Supposedly this saves
your credit. Not so! In this case, you still lose the
house and the foreclosure is still recorded against you, who
originally borrowed the money.
Sale scam. A real estate
agent offers to sell your home in exchange for half the earnings from
the sale. Bad move! If you want to sell your house, do so
for just the regular real estate commission. If you'd
rather not sell, say no to this option.
Sale plus rent back scam.
You sign over the deed to your home and they rent it back to you until
you repay what you owe. Then you get the house back.
Unfortunately, in the fine print it says that if you're ever 24 hours late
with your rent, you're out on the street, having lost
everything. Another lousy deal.
Bankruptcy scam. Someone
encourages you to stop the foreclosure by declaring bankruptcy.
Bad idea! Bankruptcy doesn't stop foreclosure, it only delays it,
and you will lose the house and have a bankruptcy listed on your
credit record for a minimum of 10 years.
Mortgage elimination scam.
Certain web sites claim they'll get rid of your mortgage and your debt
for you, through complicated legal maneuvers. Remember, if it
sounds too good to be true, there's probably something fishy about it.
In this case, the legal shenanigans do delay foreclosure but leave you
deeper in debt and in grave danger of losing your home.
Mortgage redirection scam.
Some con artists promise to solve your problem if you'll just make
your next few mortgage payments directly to them. Don't do
it! This makes it possible for a scammer to simply keep your
payments while your house goes on the auction block - going, going,
Fortunately, there are numerous legitimate
rescue tactics that save your home when you're behind on your
mortgage. We'll never ask you to sign your house over to us, pay
your mortgage checks to us, suggest bankruptcy or recommend anything that
worsens your credit record.
above-board, personal help is at hand
Save your house and regain peace of
mind. We operate with the utmost standards of integrity, stopping foreclosure
legally and fairly.
|Call us today at 1-866-415-HELP (1-866-415-4357) to discuss whether we can save your home.
If not, we'll tell you right away. If so, our services are guaranteed.
It's a free, no-obligation call!
Advice from Uncle Sam
Here are several precautions that should help you avoid being "taken" by a scam artist:
- Don't sign any papers you don't fully understand.
- Make sure you get all promises in writing.
- Beware of any contract of sale of loan assumption where you are not formally released from liability for your mortgage debt.
- If you're selling the house yourself to avoid foreclosure, check to see if there are any complaints against the prospective buyer. You can contact your state's Attorney General, the State Real Estate Commission, or the local District Attorney's Consumer Fraud Unit for this type of information.
Most common reasons for facing foreclosure
Financial problems are most often associated with the following life changes:
- Loss of job
- Cuts in work hours or overtime
- Illness, injury, or death of a family member
- Divorce or separation
Points to remember
- Don't lose your home and damage your credit history.
- Be honest about your financial situation.
- Signing over the deed to someone else does not necessarily relieve you of your loan obligation.
Act now. Delaying can't help. If you do nothing, YOU WILL LOSE YOUR HOME and your good credit rating.
Source: U.S. Department of Housing and Urban Development
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