Foreclosure is one of the worst things that can happen to a borrower. Knowing there are criminals waiting to prey on your desperation and vulnerability makes the situation even more frightening. Thousands have fallen victim to phony foreclosure counseling, phantom help, bait and switch, rent to buy, and bankruptcy foreclosure scams. Being able to see the telltale signs of a foreclosure rescue scam can save you the pain and suffering of becoming yet another victim.
What should you watch out for? Beware of any rescuer that guarantees or promises to save your home. You need to steer clear of any company that guarantees to stop your foreclosure, tells you not to contact your lender, a lawyer or credit and housing counselors, requires an up front fee before providing services, will only accept certified funds or wire transfers as payment, or instructs you to make your mortgage payment to them instead of your lender.
Bait and switch scam artists outright take your home by tricking you into signing paperwork that transfer the property deed or title to their corp. Equity skimming scams steal the equity in your home while leaving you with your mortgage obligation. In the rent to buy scheme you are told to surrender the title of your home, but you will be able to remain in it as a renter. Although you have the option of buying it back, generally the terms are so outrageous it is impossible to do so. Avoid any company that instructs you to sign over the title or deed to your home.
Staying calm and not dropping under pressure is the best thing you can do. Scam artists will often offer to fill out Papers for you. While you think they are arranging a rescue mortgage for you, in reality, they are taking the money youve given them, filing a bankruptcy in your name and stealing your property. Do not sign anything that you are unsure of or dont understand, and never allow any company to fill out paperwork for you.
Knowing where to turn is your best defense. You should start by phoning your lender and trying to make a payment schedule. Additionally, the FTC offers free info that helps consumers recognize and avoid fraudulent, deceptive and unfair business practices. If you feel you have been the prey or a foreclosure rescue con you can file a complaint at the FTC website.
What should you watch out for? Beware of any rescuer that guarantees or promises to save your home. You need to steer clear of any company that guarantees to stop your foreclosure, tells you not to contact your lender, a lawyer or credit and housing counselors, requires an up front fee before providing services, will only accept certified funds or wire transfers as payment, or instructs you to make your mortgage payment to them instead of your lender.
Bait and switch scam artists outright take your home by tricking you into signing paperwork that transfer the property deed or title to their corp. Equity skimming scams steal the equity in your home while leaving you with your mortgage obligation. In the rent to buy scheme you are told to surrender the title of your home, but you will be able to remain in it as a renter. Although you have the option of buying it back, generally the terms are so outrageous it is impossible to do so. Avoid any company that instructs you to sign over the title or deed to your home.
Staying calm and not dropping under pressure is the best thing you can do. Scam artists will often offer to fill out Papers for you. While you think they are arranging a rescue mortgage for you, in reality, they are taking the money youve given them, filing a bankruptcy in your name and stealing your property. Do not sign anything that you are unsure of or dont understand, and never allow any company to fill out paperwork for you.
Knowing where to turn is your best defense. You should start by phoning your lender and trying to make a payment schedule. Additionally, the FTC offers free info that helps consumers recognize and avoid fraudulent, deceptive and unfair business practices. If you feel you have been the prey or a foreclosure rescue con you can file a complaint at the FTC website.
About the Author:
Adam Whazzer has been a mortgage guru for years" Adam has offered legal aid mortgage and foreclosure help hotline to foreclosure victims for nearly 5 years. If you are facing foreclosure, stop by for More Info On this Subject Click here to get your own unique version of this article with free reprint rights.
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