Wednesday, April 28, 2010

HOMEOWNERS BEWARE: Foreclosure Rescue Scams are on the Rise!

With a recent rise in foreclosures,  foreclosure-related scams are on the rise. Beware!!

Below are red flags to foreclosure rescue scams:
  • Asks for money upfront before providing any service.
  • Instructs you not to contact your lender, lawyer or a Realtor.
  • Asks for mortgage payments to be made directly to his or her company.
  • Requires payments only in the form of cash.
  • Advises you to transfer your property deed or title to his or her company.
  • Offers to fill out paperwork for you.
  • Asks for something to be done immediately and without delay.
  • Encourages you to lease your house and to buy it back to you over time.
  • Offers to buy your house for a fixed price that is not set by a reputable Broker/Realtor.
  • Asks for you to give power of attorney.
  • Asks for signatures on a grant deed or deed of trust.
  • Fails to provide copies of signed documents.
Ligitimate Resources:

If you are at risk of a foreclosure or already have received a foreclosure notice, you should contact your lender immediately. Your next call should be to your Realtor. Find out all possible solutions for your situation.

Homeowners also make seek the advice of a reputable housing, financial or credit counseling, or attorney. Homeowners may visit the U.S. Department of Housing and Urban Development - Http://