Description
Avoid Foreclosure Rescue Scams
(NAPS)—Following a few suggestions can help save many
homeowners struggling with mortgages and other debt from seeing
things go from bad to worse.
For one thing, you can get free
assistance from a housing counselor approved by the U.S. Department of Housing and Urban Development at (888) 995-4673 and
makinghomeaffordable.gov.
As for people or companies
offering mortgage modification
assistance or foreclosure relief,
Federal Trade Commission rules
ban advance fees, require clear
disclosures and prohibit false or
misleading claims.
Experts at the Office of the
Comptroller of the Currency suggest you beware of these 10 lines:
1. “Pay us $1,000 and we’ll
save your home.” Companies
cannot collect fees until you have
a written, acceptable offer from
your lender and a written description of the key changes to your
mortgage.
2. “I guarantee I will save
your home—trust me.” Beware
of guarantees like this one.
Providers must give you realistic
evidence for any claim they
make.
3.
“Sign over your home and we’ll let you stay in it.” Signing over the deed gives the recipient the power to evict you, raise your rent or sell your house; and you’ll still have to pay the mortgage. 4. “Stop paying your mortgage.” Don’t trust anyone who tells you to stop making mortgage payments to your lender or servicer, even if that person promises to do it for you. You could lose your home and hurt your credit rating. 5.
“If your lender calls, don’t talk to them.” Providers cannot tell you to stop communicating with your lender or servicer. Don’t fall for foreclosure scams. Let a HUD-approved counselor help. 6. “Your lender never had the legal authority to make a loan.” Don’t listen to anyone who claims “secret laws” can erase your debt. 7. “Just sign this now; we’ll fill in the blanks later.” Read and understand everything you sign.
Never let anyone else fill out paperwork for you. Don’t let anyone pressure you into signing anything. 8. “Call (800) Fed-Loan.” Beware of companies that imitate official federal programs. Providers must tell you they are affiliated with the government. 9.
“File for bankruptcy and keep your home.” Filing for bankruptcy stops foreclosure only temporarily. If you don’t make your mortgage payments, the bankruptcy court will eventually let the lender foreclose. Some scam artists may file bankruptcy in your name, without your knowledge, to temporarily stop foreclosure and give you the impression that he or she has negotiated a new agreement on your behalf. 10.
“Why haven’t you replied to our offer? Do you want to live on the streets?” High pressure tactics signal trouble. You can learn more at: help withmybank.gov, makinghomeaf fordable.gov, consumerfinance.gov, consumeraction.gov and nw.org. Did You Know? Experts at the Office of the Comptroller of the Currency say homeowners with mortgage troubles can get free assistance from a housing counselor approved by the Department of Housing and Urban Development (HUD) by calling (888) 995-HOPE (4673) or visiting makinghomeaffordable.gov. Beware 10 scammers’ lines. /// Avoid Foreclosure Rescue Scams . . . . . . . . . . .
“Sign over your home and we’ll let you stay in it.” Signing over the deed gives the recipient the power to evict you, raise your rent or sell your house; and you’ll still have to pay the mortgage. 4. “Stop paying your mortgage.” Don’t trust anyone who tells you to stop making mortgage payments to your lender or servicer, even if that person promises to do it for you. You could lose your home and hurt your credit rating. 5.
“If your lender calls, don’t talk to them.” Providers cannot tell you to stop communicating with your lender or servicer. Don’t fall for foreclosure scams. Let a HUD-approved counselor help. 6. “Your lender never had the legal authority to make a loan.” Don’t listen to anyone who claims “secret laws” can erase your debt. 7. “Just sign this now; we’ll fill in the blanks later.” Read and understand everything you sign.
Never let anyone else fill out paperwork for you. Don’t let anyone pressure you into signing anything. 8. “Call (800) Fed-Loan.” Beware of companies that imitate official federal programs. Providers must tell you they are affiliated with the government. 9.
“File for bankruptcy and keep your home.” Filing for bankruptcy stops foreclosure only temporarily. If you don’t make your mortgage payments, the bankruptcy court will eventually let the lender foreclose. Some scam artists may file bankruptcy in your name, without your knowledge, to temporarily stop foreclosure and give you the impression that he or she has negotiated a new agreement on your behalf. 10.
“Why haven’t you replied to our offer? Do you want to live on the streets?” High pressure tactics signal trouble. You can learn more at: help withmybank.gov, makinghomeaf fordable.gov, consumerfinance.gov, consumeraction.gov and nw.org. Did You Know? Experts at the Office of the Comptroller of the Currency say homeowners with mortgage troubles can get free assistance from a housing counselor approved by the Department of Housing and Urban Development (HUD) by calling (888) 995-HOPE (4673) or visiting makinghomeaffordable.gov. Beware 10 scammers’ lines. /// Avoid Foreclosure Rescue Scams . . . . . . . . . . .
OCC
