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avoiding loan modification scams
Facing foreclosure is a terrifying time for any homeowner. With the foreclosure rate at an all-time high and the nation in economic crisis, as many as 8 million American homeowners are expected to face foreclosure through 2012, according to industry studies.
Scam artists see this crisis as a prime opportunity to make money off of homeowners in danger of losing their homes. The so-called mortgage “rescue” companies use simple messages in print, broadcast, and online ads to hook in homeowners facing foreclosure or other financial difficulty.
* They may contact homeowners directly, offering help for a fee.
* They may imply they are associated with NeighborWorks, the U.S. Department of Housing and Urban Development (HUD), the Federal Housing Administration (FHA), HOPE NOW, and other reputable organizations to gain a homeowner’s trust, personal information and money
* Never use any ad, person, or company that approaches you and claims to be able to “stop foreclosure now” for a
fee.
* Never send your mortgage payment, or any payment, to a company other than your mortgage lender.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Mortgage Guide – How to Avoid Loan Modification Scams is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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