Scam artists posing as financial advisors and/or debt relief consultants take advantage of vulnerable homeowners whose homes have been threatened by economic difficulty. These scammers will often make promises that seem too good to be true, guaranteeing services that will either lower a monthly payment or eliminate back debt in order to save one’s home.
Below are six red flags that may indicate and help you identify Mortgage Fraud:
- A company/person asks for a fee in advance to work with your mortgage company to modify, refinance or reinstate your mortgage.
- A company/person guarantees they can stop foreclosures or get your loan modified.
- A company/person advises you to stop paying your mortgage company and pay them instead.
- A company pressures you to sign over the deed to your home or sign any paperwork that you haven't had a chance to read and you don't fully understand.
- A company other than your mortgage company claims to offer "government-approved" or "official government" loan modifications.
- A company/person you don't know asks you to release personal financial information online or over the phone.
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