Foreclosure is one of the most devastating life events that you can ever go through. There are few educational resources that teach you how to stop foreclosure. The rise in foreclosures in many states has unfortunately lead to foreclosure fraud. Known scam artists are placing advertisements online and in magazines and newspapers to lure homeowners. The government has released some information for preventing foreclosure fraud from happening but it has not stopped it. Desperate times do not have to call for desperate measures if you know the basics of how to avoid foreclosure fraud.
Words like “Mortgage Relief”, “90% Success Rate” “Modify Your Loan Guaranteed” and “We Know Banks and Lenders” are all words that are often included in a foreclosure fraud scam. Reputable companies offer assistance first without making any type of claim. It costs nothing to get advice that could help you. The FTC has rules in place that specifically state no money can exchange hands unless you get a relief offer from your bank or mortgage lender. While counseling is necessary in foreclosure, some scam artists take money up front and do nothing to help you.
Popular USA Foreclosure Scams
A common scam is to pay overdue mortgage payments directly to a foreclosure help center while work is being performed. This is not only incorrect it is illegal. Qualified counselors do not ask you to pay missed mortgage payments to them in exchange for negotiations. Expert counselors work hard to negotiate with banks and mortgage lenders. They do not participate in illegal activities or any type of mortgage related fraud. A spinoff of a counseling scam is one that involves giving up your title to another qualified borrower. The borrow will try and renegotiate your loan rate. You should never be asked to surrender your title by anyone that is giving your foreclosure help.
Ways of Preventing Foreclosure Fraud
It is not uncommon in foreclosure fraud cases that someone freely and clearly signs over a property without even knowing it. Some scam artists present homeowners with several confusing documents that have time limits attached. Homeowners are instructed to move quickly and sign everything fast. A lawyer is the only person that should tell you how fast to complete a document. You can stop foreclosure by making smart decisions and becoming educated by agencies that help thousands of people. Knowing these facts about what you should and should never do will help you. If you suspect fraud, it should always be reported to the FTC by visiting www.ftc.gov.
Call Avoid Foreclosure at 1-800-589-4106 to get real help and avoid foreclosure fraud.