If you have trouble making payments on your home, be careful so you do not become the victim of a home foreclosure scam. Scammers may target you through publications, on-line advertising, flyers, or by phone.
HOW TO SPOT FORECLOSURE SCAMS
Here are some warning signs that may help you prevent foreclosure scams:
• A request for a fee in advance to work with your home mortgage lender on your behalf.
• The person guarantees they can stop the foreclosure or modify the loan.
• Someone advises you to stop making loan payments and give the money to them. Never do this. If you have contacted your lender and they won’t accept partial payments, open a separate bank account and regularly deposit that money in a separate account to use later for housing needs. This money will build up over time and come in handy later in the process.
• You are pressured to sign your home over to the person or company contacting you or sign without reading a document in full. Legal documents should always read before signing. If you don’t understand what is being said consult an attorney. Never sign documents without reading them.
• Claims that the person/organization is government-approved or official to do loan modifications. Someone calls or emails asking for your personal financial information. Do not use the phone number they provide, instead use the number you have for your bank, or check with Save The Dream Ohio.
HOW TO AVOID FORECLOSURE SCAMS
Do not fall for these housing scams. Use only non-profit HUD-approved counselors or call 1-800-569-4287. Remember that new scams are created all of the time making it impossible to tell every possible scam. So remember, if it sounds too good to be true, it probably is. If you are scammed tell someone. Check with Save The Dream Ohio at (888) 404-4674 for free assistance or contact the Ohio Attorney General’s Office at 1-800-282-0515.
