Do you know how to spot a foreclosure scam?
When a public notice of impending foreclosure of your house is released, this can generate unwanted solicitations from unscrupulous agencies that promise to help you avoid foreclosure.
Sometimes these scam artists can take the guise of a mortgage restructuring firm, and often times promise their “clients” they have received a high success rate of stopping foreclosures.
If some one contacts you offering foreclosure assistance, chances are they do not have your best interest at heart. This is especially true if any of the following apply:
- They require an up front fee.
- They tell you to stop communicating with your bank or mortgage company.
- They press you to transfer the title to your home to them.
The problem is that most of these scammers are either looking to bilk you with extra fees, or take your house out from under you!
As a general rule of thumb, don’t trust anyone contacting you. A better solution if you find yourself in such dire straights is to contact a housing counseling agency certified by HUD (Department of Housing and Urban Development) There you should find free or low-cost foreclosure assistance.
Photo by respres
Good post – I found this while scanning google for foreclosue info – added ya to my G Reader, Keep up the good work. Looking forward to reading more. Mark
Why are posts like this written – without further followup? Don’t you feel like we are left hanging?
[...] Foreclosures were big news in 2009, and so were tips to avoid it. [...]