If someone, even an attorney, has made you a promise or guaranteed mortgage relief and asked for money up-front, my advice is not to do it.
Mortgage fraud reports have shown an increase from more
than 6,900 in 2003 to more than 93,500 in 2011, according to the FBI. The nonprofit Homeownership Preservation
Foundation reported the number of mortgage foreclosure scams has shot up 60
percent so far in 2012.
In response, the California Association of Realtors (CAR)
is educating homeowners and warning consumers they are at risk of being scammed
by third parties, such as those that promise loan modifications for an up-front
fee, which is illegal.
Many so-called foreclosure rescue companies or
foreclosure assistance firms review foreclosure notices in newspapers, the
Internet, and public files to identify potential victims. They then ask for money up-front and claim
they can help homeowners save their home.
Some are bold enough to offer a money-back guarantee. However, the scammers simply take the
homeowners’ money, often leaving them in worse circumstances than before.
Consumers should NEVER pay money up-front for services
promised. Instead, get a referral to a free HUD-approved housing counselor to
advise on loan modifications, short sales, and other alternatives for avoiding
foreclosure by calling (888) 995-HOPE. http://www.995hope.org.
To learn more about loan fraud, go to the California Association of Realtors
website and watch videos in Spanish, English and other languages. http://www.car.org/aboutus/forconsumers/loanfraud/
Nancy Puder is the
owner and broker of Signature Properties, a prestigious real estate sales and
property management firm in Arroyo Grande, CA.
You may reach her at 805.710.2415 or email Nancy@NancyPuder.com. Website: www.SignatureProperties1.com. We
always enjoy hearing from you!
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