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Foreclosure Rescue Scams

The foreclosure crisis has been in the news for past few years and it shows no sign of abating any time soon. Homeowners are desperately trying to hold on to their properties in an atmosphere which has seen home values plummet, credit markets tighten, and a mortgage industry come under scrutiny for everything from shoddy paperwork to willful, illegal foreclosures.

The idea that unscrupulous people would want to take advantage of these struggling homeowners is hard to imagine, but true. These scammers lure homeowners with the promise of saving their homes. Some are so bold as to guarantee it! The sad truth is that these fraudulent companies take your money and you wind up losing your home anyway.

Protect yourself from these ruthless scavengers. Before you sign any contract with a "stop foreclosure" business, know how to spot a scam. Some worthwhile tips are below. Avoid any business which:

  • Guarantees to stop the foreclosure process. No one can do that.
  • Tells you not to contact your lawyer, credit counselor, or mortgage company.
  • Wants an upfront fee before providing any services
  • Advises you to transfer the title or deed of your property to them.
  • Suggests you make your mortgage payments directly to them- not your loan servicer.
  • Will accept payment only by wire transfer or cashier's check.
  • Uses high-pressure tactics to get you to sign a contract which you haven't had time to read or understand.

Contact your lender as soon as possible if you are facing foreclosure or think you will be in the near future. Most mortgage servicers will work with you to try and come up with a reasonable solution to your problem.

Also, you may speak with a credit counselor at the Homeownership Preservation Foundation 24 hours a day. Call 1.888.995.HOPE for more information.