scammer – a person who swindles you by means of deception or fraud.
Beware: There are scammers out there that are after homeowners in distress. Homeowners, often unable to comprehend the complicated legal and financial issues surrounding short sales, bankruptcies, or foreclosures, are terrorized at the idea of handling the possibility of losing their homes, so they become and easy target for these scammers.
Be very careful if you are approached by anyone saying they can help you escape from foreclosure.
I suggest you watch this video:
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.
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“How can we just sit back and blame those who are misleading consumers and taking advantage of homeowners in distress, if we have the tools to help, and never use them!” – I wrote in an earlier blog.
The reason for these blogs is to emphasize the need of us professionals, to lead our clients and all consumers into the right path not only under normal circumstances, but also when they are in distress.
If clients are having trouble making their mortgage payments, I will advice to contact their lender and to immediately contact a HUD-certified housing counselor, who will help at NO CHARGE, and also to visit the Don’t Borrow Trouble website ( a national anti-predatory lending and foreclosure avoidance campaign that combines education and empowerment – teaching consumers to protect their homes and finances).
I believe it is important to take the time to share information that sometimes is available to us, and not to others.
Real Estate Consultants, who like to work with with integrity, excellence, commitment and compassion, will always be homeowners advocates.
Piccola Dowling
Real Estate Consultant
Long Realty Company
piccola@longrealty.com
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important websites:
www.ftc.gov/yourhome
www.hud.gov/offices/hsg/sfh/buying/loanfraud.cfm
www.dontborrowtrouble.com
