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
If you're looking for foreclosure prevention help, avoid any business that:
If you're having trouble paying your mortgage or you have gotten a foreclosure notice, contact your lender immediately.
- 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
Source: Federal Trade Commission: Foreclosure Rescue Scams http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre42.shtm