BEWARE OF FORECLOSURE RESCUE SCAMS!
While working with a Housing Counseling Agency, I am alarmed at the number of homeowners who are willing to take the chance and work with individuals that charge them large sums of money to complete a loan modification. This baffles me when there are plenty of HUD Approved Housing Counseling Agencies that put together your package for FREE and get results! Here are some tips to beware of when dealing with other individuals that homeowners are willing to pay to complete a loan modification.
Beware of any company that promises:
- That it's okay to skip on any of your payments
- That walking away from your home won't affect your credit
- That they will buy your home and sell it back to you later
- A specific result for a fee
Steps to Take Action and Report Loan Modification Scammers:
1) Contact the Homeowner's Hope Hotline 1-888-995-HOPE (4673)
2) File a complaint online through Lawyers' Committee for Civil Rights Under the Law
3) Contact the Federal Trade Commission (FTC) at 877-FTC-HELP 1-877-382-4357
4) Contact your state Attorney General For Additional information go online to: www.loanscamalert.org
HUD Approve Counseling Agencies are available to homeowners who qualify and want to stay in there homes. By talking to a Counselor a homeowner will be given options that are available to save their homes. Counselors will also compile the necessary documents together, contact the lender, and follow through until a decision is made through your lender. A counselor will not guarantee that you will receive a workout plan but they are very knowledgeable and helpful in getting resources and options.
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