With the recent mortgage crisis and current wave of foreclosures, many homeowners are now facing the prospect of losing their homes. Many of these homeowners are looking anywhere they can for help, but most do not know where to turn.
Unfortunately, many unscrupulous businesses are preying on the vulnerability and desperation of many of these homeowners. Numerous foreclosure rescue scams and instances of fraud are being reported by former homeowners who sought help in hopes of saving their homes.
Some of the warning signs of a foreclosure rescue scam include the following:
- Telling homeowners NOT to negotiate/communicate with the lender to work towards avoiding foreclosure.
- Charging very large upfront fees.
- High pressure sales pitches.
- Asking homeowners to sign over the deed and promising to allow the homeowner to remain in the home as a renter
If you are facing the prospect of foreclosure and need help, contact a HUD certified counselor. You can reach one through the Homeownership Preservation Foundation’s 24-hour hotline at (888) 995-HOPE.
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