Save Your Home and Avoid Loan Modification Scams
Get Safe Help
Before you take another step…
…make sure you are aware of the government website that supports the federal Making Home Affordable Program. The website address is: http://makinghomeaffordable.gov/, and the toll free hot line is 888-995-HOPE. That phone number will connect you with a HUD approved housing counselor.
This includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.
In other words, the official government website would be a good place to start learning about your options if you are concerned about a home foreclosure. You can find out of you qualify for a program, get in touch will qualified counselors, report suspected discrimination, and get the latest updates on housing reform.
Possible Signs of Loan Modication Scams
The official website declares that help is free. If you have an offer for help from another source, they list some possible red flags. The last thing you need, when you are short of money, is to be caught in some sort of expensive scam!
- Be wary of anybody who asks for payment in exchange for counseling services or loan modification help.
- Avoid any high pressure tactics. Be especially careful of signing papers. Some scam artists will promise to save your home in exchange for you assigning that deed to them!
- The only time you should sign over the deed to your home is when you are working with the actual mortgage company. Then you may choose to do this in order to get the loan balance forgiven.
- Do not ever make a payment to anybody but your mortgage company without your mortgage company’s prior approval.
What If You Think You Have Already Been Scammed?
Even if you think you may already have fallen prey to a scam, you can still get help. You can also alert the authorities to possible ripoff artists who may prey on others You can call 1-877-FTC-HELP (1-877-382-4357) to speak with a Federal Trade Commission (FTC) Representative for help.
You can also watch the FTC Home Rescue Scam Video here.
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This is painful to read about. Just when people need the most help, the snakes come out. You also didn’t touch on the “strategic default” counslers who charge hundreds to thousands of dollars A MONTH to help people “walk away” from mortgages. Sometimes walking away may be a business decision, but why not just put that cash towards rent?
Frugal Living Website
Thanks for letting people know about the government website. There is so much confusion out there – even now – and it is terrible that vulnerable people get preyed on without being informed of the resources that are out there.
Arguh. Snakes always be with us. Sometimes – working in marketing – the FTC can seem overbearing. But really, we need watchdogs if we aways like them or not.
To get hold of loan mod acceptance, get yourself acquainted with all the new procedures and regulations for arranging a new loan mod in you area and for your particular mortgage company utilizing the help of a specialized who is proficient in processing successful loan mod applications. Don’t forget to get all the needed docs prepared prior to presenting the application to your loan provider .