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How to Recognize a Mortgage Scam

By
Real Estate Agent with SANDALS REALTY GROUP, INC

How to Recognize a Mortgage Scam

 

Agents please inform as much homeowners as possible on what to look for. A potential customer of mine was told her Loan Modification is 100% guaranteed. For the Records – No such guarantee exist!!!!!

 

 

• You are told you will get a federal incentive to walk away from your mortgage

• You are asked to pay upfront for counseling

• You are pressured to sign papers immediately

• You are asked to sign your house over to a company or person who is not working with your mortgage company

• You are asked to make a mortgage payment to someone other than your mortgage company without their approval

• You are guaranteed a successful short sale or mortgage modification

• They claim to be a representative of the federal

government

 

 

If you believe that you are a victim of a scam, you should contact the Federal Trade Commission (FTC) at 1-877-FTCHELP (1-877-382-4357)  

 

Comments (1)

Joan Valverde
HomeSmart - Colorado Springs, CO
GRI,CDPE,CNE,MRP,SRES Colo Sprgs, Blk Forest, Monu

Shelda,  this is a good list of how some home owners really get taken.  They become so desperate in their situation that they will believe anything, and the scams know that.  So frustrating!!  We need to be there to assist them in all ways we can.

Feb 02, 2012 03:47 PM