After missing several rent payments, you're evicted, leaving the "rescuer" free to sell the house.
In a similar equity-skimming scam, fraudsters offer to find a buyer for your home, but only if you sign over the deed and move out. They promise to pay you a portion of the profit when the home sells. Once you transfer the deed, they simply rent out the home and pocket the proceeds while your lender goes ahead with the foreclosure.
The result: You lose your home — and you're still responsible for the unpaid mortgage because transferring the deed does nothing to transfer what you owe on the mortgage. In a bait-and-switch scam, con artists give you papers they claim you need to sign to get another loan to make your mortgage current. But buried in the stack is a document that surrenders the title to your house to the scammers in exchange for a "rescue" loan. The MARS Rule gives you rights — and sets out requirements for people who sell mortgage assistance relief services:. The Rule requires companies to spell out important information in their advertisements and telemarketing calls, including that:.
- Beware of Foreclosure Rescue Scams!;
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Some lawyers may offer to help you get a loan modification or other mortgage relief. Unfortunately, some people advertising mortgage assistance relief services falsely claim to be getting you help from lawyers. So before you hire someone who claims to be an attorney or claims to work with attorneys, do your homework:.
How to Stop & Avoid Foreclosure on Your Home
Get the name of each attorney who'll be helping you, the state or states where the attorney is licensed, and the attorney's license number in each state. Your state has a licensing organization — or "bar" — that monitors attorney conduct.
Call your state bar or check its website to see if an attorney you're thinking of hiring has gotten into trouble. The National Organization of Bar Counsel has links to your state bar.
Avoiding Foreclosure in Virginia - VHDA
Ask relatives, friends, and others you trust for the name of an attorney with a proven record of getting help for homeowners facing foreclosure. If you're looking for a loan modification or other help to save your home, avoid any business that:. If you're having trouble paying your mortgage or have gotten a foreclosure notice, contact your lender immediately. You may be able to negotiate a new repayment schedule. Consider other foreclosure prevention options, including reinstatement and forbearance.
HOPE with free, bilingual, personalized assistance to help at-risk homeowners avoid foreclosure. You can find additional information at www.
Avoiding Foreclosure Relief Scams
If you think you've been the victim of foreclosure fraud, contact the Federal Trade Commission , your state Attorney General's office, or the Better Business Bureau. Search form Search. Facing Foreclosure? Mortgage Relief Scams. Share this page Facebook Twitter Linked-In. How the Scams Work Fraudsters use a variety of tactics to find homeowners in distress.
The scam artists use simple — but potentially deceptive — messages, like: "Stop foreclosure now! We know your home is scheduled to be sold.
Contact My Mortgage Company. Find Military Resources. Find Foreclosure Prevention Events. They will help you understand your options, design a plan to suit your individual situation and prepare your application. If you think you've been scammed, file a complaint today. Foreclosure rescue and mortgage modification scams are a growing problem that could cost you thousands of dollars — or even your home.
Scammers will make promises that they can't keep, such as guaranteeing to "save" your home or lower your mortgage payments, usually for a fee, sometimes even claiming that they have direct contact with your mortgage company. Find relevant information including recent news, program performance reports, and other resources specifically for the press in one convenient location. Official Program of the U. Department of Housing and Urban Development.