Facing the Mortgage Crisis

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Beware of Scams
Don't Become a Victim

Don't lose your home to foreclosure recovery scams!

If any firm claims it can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and become a renter in your home! Never sign a legal document without reading and understanding all the items and getting professional advice from an attorney, a trusted real estate professional, or a HUD-approved housing counselor.

Avoiding Foreclosure and Loan Modification Scams [pdf file]

Source: Office of the Arizona Attorney General http://www.azag.gov/consumer/foreclosure

Red Flags

If you're looking for foreclosure prevention help, avoid any business that:

  • guarantees to stop the foreclosure process -- no matter what your circumstances
  • instructs you not to contact your lender, lawyer, or credit or housing counselor
  • collects a fee before providing you with any services
  • accepts payment only by cashier's check or wire transfer
  • encourages you to lease your home so you can buy it back over time
  • tells you to make your mortgage payments directly to it, rather than your lender
  • tells you to transfer your property deed or title to it
  • offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale
  • offers to fill out paperwork for you
  • pressures you to sign paperwork you haven't had a chance to read thoroughly or that you don't understand
If you're having trouble paying your mortgage or you have gotten a foreclosure notice, contact your lender immediately.

Source: Federal Trade Commission: Foreclosure Rescue Scams http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre42.shtm

 

Facing the Mortgage Crisis is part of CPB's Public Service Media Economic Response Initiative.

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