If you are worried about losing your homes to foreclosure, then there is something you should be wary about – scammers.
Scammers have taken their modus operandi to another level. This time, they are targeting distressed homeowners who are facing possible foreclosure. Fraudulent companies go through foreclosure listings to look for possible victims. They operate by mailing letters offering homeowners an opportunity to get out of the foreclosure problem. Once in contact with homeowners, they will present documents that homeowners need to sign. They then promise to work out a deal with their lenders in exchange for a fee. Once they get the trust and money of these innocent victims, they disappear into the horizon.
A couple from Bakersfield admitted to making a “big mistake” when they answered a letter from a company that promised them to help with their mortgage dilemma. Frank and Debra Sloan’s problem started when their mortgage jumped from $1,200 to $1,990 a month. They were asked for a $1,800 fee upfront, which they paid, thinking that the company will negotiate a short sale with their lender. After giving the money and signing some papers, no short sale happened. The couple tried calling the company but couldn’t reach anyone anymore.
They both learned the hard way that unscrupulous people would stop at nothing to gain a profit.
You don’t have to be another victim. All you need to do is be aware of warning signs. If a certain company asks for money upfront, that is the initial sign that they are up to no good. They are out to rob you of your hard-earned money, so take caution. It is recommended that you also talk to family members or friends because they can provide insights and objective feedback. Scammers won’t allow you to consult anyone else; they’d make sure that you are made to believe that they are the experts on foreclosure rescue methods. You can also tell that you are dealing with scammers if they are in a hurry to have you sign certain documents. Remember to take your time in reading documents before signing. Scammers can incorporate hidden deed-transfer clauses to papers that need to be signed.
Finally, always think carefully before agreeing to negotiations and deals. If you are doubtful about certain things, ask questions. Deals that are too good to be true have a higher probability of turning out to be a scam.
Housing Assistance Network <> - is a site that aims to help those who are in the low to moderate income brackets find financial assistance for housing, help in acquiring a new home, or grant programs from both state and non-government institutions.
