Refinancing and loan modifications are helpful programs - make sure they're legitimate.
If you’re looking for foreclosure prevention help, avoid any business that:
- Collects a fee before providing you with any services.
- Guarantees to stop the foreclosure process – no matter what your circumstances.
- Instructs you not to contact your lender, lawyer, or credit or housing counselor.
- Accepts payment only by cashier’s check or wire transfer.
- Encourages you to lease your home so you can buy it back over time.
- Tells you to make your mortgage payments directly to it, rather than your lender.
- Tells you to transfer your property deed or title to it.
- Offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale.
- Offers to fill out paperwork for you.
- Pressures you to sign paperwork you haven’t had a chance to read thoroughly or that you don’t understand.
- If you’re having trouble paying your mortgage or you have gotten a foreclosure notice, contact your lender immediately.
If you think you’ve been a victim of foreclosure fraud, contact:
To learn more about mortgages and other credit-related issues, visit the Credit Section of FTC and My Money, the U.S. government’s portal to financial education.