Beware of Foreclosure Rescue Scams!

by Jay Thompson on July 15, 2009 · Comments

in Mortgage / Finance

A Consumer Education Specialist with the Federal Trade Commission sent me a link to the video below.

Sadly, there are scammers and con artists out there that prey on homeowners in distress (and even those that are not). Some of these sub-humans are very good at what they do.

Be very careful if you are approached by anyone claiming they can help you escape foreclosure. This video provides some good tips and information:

If you are having trouble making your mortgage payments, contact a HUD-certified housing counselor. You can find one by calling the Homeowner’s Hope Hotline number at 888-995-4673, and more info is available here.

 

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  • This is very good advice. I see many potential scams every day in the foreclosure area. A lot of them come through email.
  • Yeah email would be better for the scammers, no easy way to trace it back to them especially if using public computers and free accounts. Scary stuff indeed!
  • It amazes me that there are scam artists out there that don't mind ruining someones life and taking away all of their money. How could you spend money knowing that you took it from a needy family?

    -Tyler
  • Hello Jay,

    You know we have an Arizona Foreclosure hotline here in Arizona as well, right?

    24/7 access to free local AZ based HUD Certified foreclosure counseling.

    1-877-448-1211


    Here is a video of Arizona State Attorney General Terry Goddard talking about foreclosure and loan modification scam artists operating by cold calling homeowners. He also announces the release of the http://www.arizonaforeclosuretaskforce.com/ Foreclosure Prevention Workbook.

    http://www.youtube.com/watch?v=weqp_SxRhaE


    Bill Austin
  • Thanks Bill. I was aware of the AZ hotline (and why I didn't include that in the post is beyond me). Hadn't seen Goddard's video.
  • The video is from the day we announced that the do it yourself handbook was available to help homeowners get everything ready so the foreclosure counseling process could go more smoothly and more foreclosures could be stopped, worked out, short sold or loan modified. It goes a lot better when they already worked through the numbers and are ready to respond to the questions.

    Here is the link for anyone who wants to download or print the workbook:

    http://www.arizonaforeclosuretaskforce.com/wp-c...
  • Hey! I just posted on the same topic (http://hereinphoenix.com/2009/07/16/watch-out-f... scammers really make me angry. I know some pretty nice folks who have been ripped off when they already had enough trouble.

    I have included a link to the AFTF workbook on my site to help to folks out as well. Thanks for the info...
  • I think the following article will also help you regarding this problem
    http://www.ezinearticles.com/?How-to-Avoid-Fore...

    Hillsborough homes for sale
  • Good advice for sure. we have to be aware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Avoid any business that tells you to make your mortgage payments directly to them instead of your lender.
  • Great information, will be passing this on for sure.
  • These scams are on the rise. My former neighbor fell for one, even after I warned him about them. They got him for $3,500 and he lost the house.
  • Jay,

    This problem is especially acute in the hardest-hit states of Arizona, Nevada, California and Florida. As expected, really, because they offer the most opportunities for the scammers. It seems that there has been a fair amount of publicity about this, but homeowners still fall for these schemes.
  • With the economy being like it is, it seems stories like these are becoming far too common. It truly is sad. Thanks for the reminder.
  • Thanks Jay - another great tool (the video and ftc link) to add to my own site.

    Navy Chief, Navy Pride
  • The site {http://www.ftc.gov/yourhome} mentioned here is not opening but we can get lot of information from http://makinghomeaffordable.gov/beware.html
  • the FTC site linked in the article seems to be opening just fine for me and everyone else.
  • Jay, I love this video and resource, I am posting it for our San Diego Readers. I could not believe when I did a google search the amount of garbage, scams and schemes that came up. These are great resources and I am going to do everything to get the word out. Thanks for making us aware.
  • No matter what you do, you always need to watch out for scammers. They will be in every area, where money can be exchanged. You need to always protect yourself, and be mindful of whom you give you money too.
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