As mortgage delinquencies grow, so do the stories of people being taken advantage of by scams. Often a caller promises to solve all your problems for a fee and promises unbelievable results. In desperation people are paying upfront fees to someone that ends up to be a simple con-artist.
If you are struggling with your home mortgage, reach out to a trusted advisor. Contact your real estate professional for guidance and a referral to a local attorney that can help.
If you do get contacted look for these three signs as a warning that you may be getting scammed:
1) An upfront fee is required. If you pay a fee (often in the thousands of dollars), that is likely the last you will see of those dollars and the last you will hear from the caller.
2) You are given a GUARANTEE to stop your foreclosure. Nothing is that cut & dry in the current world of banking. The rules seem to change weekly and there is no guarantee to stop a foreclosure.
3) Tells you to stop paying your mortgage & pay them instead. Creating a “trust account” does not help you stop a mortgage and quite frankly is simply another way of getting more dollars out of you under the pretense that it is a necessary step in solving your foreclosure.
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