If it sounds too good to be true
For people who are going through foreclosure or are about to they need to know that things can get worse. Foreclosure rescue scams have become the flavor of the day.
The ads look or sound something like this:
"Stop Foreclosure Now!”
“We guarantee to stop your foreclosure.”
“Keep Your Home. We know your home is scheduled to be sold. No Problem!”
“We have special relationships within many banks that can speed up case approvals.”
“We Can Save Your Home. Guaranteed. Free Consultation”
“We stop foreclosures everyday. Our team of professionals can stop yours this week!”
Here are some red flags:
Guarantees to stop the foreclosure process – no matter what your circumstances
Instructs you not to contact your lender, lawyer, or credit or housing counselor
Collects a fee before providing you with any services.
Accepts payment only by cashier’s check or wire transfer.
Encourages you to lease your home so you can buy it back over time.
Tells you to make your mortgage payments directly to it, rather than your lender.
Tells you to transfer your property deed or title to it.
Offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale.
Offers to fill out paperwork for you.
Pressures you to sign paperwork you haven’t had a chance to read thoroughly or that you don’t understand.
One of the most common scams is someone promising to rescue a home owner from foreclosure, telling the home owner that they will take care of everything, collecting a fee from the home owner and doing nothing.
For legitimate help from people who are not running scams try Hope Now
Banks really don't want your house. They can't sell it because banks can't sell real estate. The best time to contact your lender is before the first late payment. There are people who are worried about losing their homes who pick up the phone and contact a total stranger and explain their situation and how badly they need help. They make it easy for people who are running scams to find victims.
