Swindled. Bamboozled. Hoodwinked. Call it what you will, but foreclosure rescue scam companies are hovering over homeowners like hungry vultures. The idea that anyone would take advantage of struggling homeowners in this economy is shocking, but unfortunately true. Homeowners who are trying to prevent foreclosure need to be on their guard and make sure they are not being scammed. Here are some common types of scams to be aware of.

Fake modification programs. You may begin receiving notices in the mail claiming to be a “government” modification program that will save your home from foreclosure. A legitimate government modification company will not charge or request a fee for their services. So if they’re asking for money, toss that letter in the trash! Secondly, false modification programs will use phony government lingo to try to trick you. According to www.occ.gov homeowners should be wary of claims offering “government-approved” or “official government” loan modifications. You should contact your lender directly if you’re unsure if a modification program is the real deal.

Rent-to-Buy Schemes. Another devious plot companies use is the rent-to-buy scheme. Scammers will tell you to surrender the title to your house which will allow you to stay there as a renter and buy it back later. But as stated by www.ftc.gov, these scammers say that “surrendering the title will let a borrower with a better credit rating get new financing and prevent the loss of the home. But the terms of these deals usually are so expensive that buying back your home becomes impossible. You lose the house and the scam artist walks off with the money you put into it.”

Phony Counseling. Homeowners be aware of phony counselors. Con-artists tell you that for a fee, they’ll work out a deal with your lender to reduce your mortgage payments or save your home. They may even tell you not to contact your lender.  Then these companies promise to handle all the details once you pay, but then stop returning your calls and take off with your hard earned money. Before you decide to hand over your hard earned money, please call OpenOffer.com for a free foreclosure counseling, we cant promise an easy and quick solution, but we can commit to an honest advice.

Contact your lender or lawyer if you’re unsure about a company. Don’t become another victim of foreclosure rescue scams!

 

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This is filed under Foreclosures.


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