Home Mortgage and Loan Scams!

The thought of owing more than your home is worth or being months behind on your mortgage can make you easy prey for Scams. Many companies who appear to be legitimate saviors may end up kicking  you while your down. One of the problems seem to be that the vultures know that most of us don’t read all the fine print or are to trusting to get a second opinion on what kind of a deal they are really getting. There are a few ways they can get you, one way is by having you pay them up front cash and never producing on their promises, or by having you sign over your home with the promise of returning it after all their fees and interest are paid. Here are a few tips on what to look for and what actions you can take to prevent Mortgage scams:

  1. Always be weary of anyone who contacts you that has no affiliation with your mortgage lender. Always check the credentials of anyone you are in business with.
  2. Never sign your house over to anyone without first receiving legal advice (you maybe able to obtain free legal advice in your area).
  3. Do not do give out any moneys in advance. Any legitimate company or non-profit organization will not demand payment up front.
  4. Watch out for companies who want you to sell your house and then rent or lease it back from them.
  5. Always keep in contact with your lender (you may not like what they have to say but it might keep you out of further financial ruin).
  6. Anyone who seems to rush you into making decisions or sign documents is a huge red flag.
  7. Never pay your mortgage to anyone but your lender. Even if you are convinced you are working with a legitimate individual or company.
  8. If it seems to good to be true it probably is

There are several agencies who can help you during your troubling time. If you have questions on finding some help you can contact http://www.hud.gov for an approved counselor. You may also check out your states foreclosure laws at http://www.foreclosurelaw.org.