Watch Out! Scammers Target Troubled Borrowers

Please be aware that scam artisits are targeting people who are having troubles with their mortgages. The following article will help you spot and avoid scams. Call a local Realtor for help, we can help you find legitimate resources that will be able to help.

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Scammers Target Troubled Borrowers
Scam artists are proliferating, attempting to make money off troubled borrowers interested in taking advantage of President Barack Obama’s foreclosure-prevention plan.

The firms charge fees for what they tell borrowers will be quick and effective negotiations with banks. In most cases, the firms take the home owners’ money – often more than $1,000 – and do nothing.

The Federal Reserve recently issued this advice for people seeking to modify their mortgages:

  • Work only with HUD-approved nonprofit counselors. (See www.hud.gov)
  • Don’t agree to pay a fee before you are provided with the promised service.
  • Beware of people offering “guaranteed” results.
  • Don’t sign blank forms or documents you haven’t read.

Source: The Wall Street Journal, James R. Hagerty (03/11/2009)

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