Monday, December 28, 2009

Mortgage Scam


There are scams related to foreclosure assistance and the home loan mortgage modification program as many homeowners in need of assistance are turning to anyone who appears to have the answers. Some lenders involved with the home loan mortgage modification process are causing frustration for homeowners, so they look for other sources of aid, but scams seem to be more and more common, so be on guard.

Foreclosure and home loan modification scams commonly are trying to take advantage of those who are seeking counsel or advice. There are countless resources, like, to help those in need of foreclosure assistance through a home loan mortgage modification. However, if someone is seeking to collect a fee for services on foreclosure avoidance or a home loan modification, they are either not reputable, seeking to profit from your misfortune, or both.

Never sign over the deed to your home to anyone other than your mortgage lender. Many foreclosure and home loan modification scams are trying to acquire your home for their own gain, so never transfer ownership of your home. Outside of your direct lender, there is really nothing anyone can do if you sign over your deed to your home.

If someone is seeking a mortgage payment and they aren’t your lender and haven’t been directly approved by your lender to receive the payment, do not pay. Scam artists will run cons where they spin the idea they can help you avoid foreclosure or obtain a home loan modification of you pay your mortgage to them, but this again is false.

Foreclosure is a horrible thing to face and the home loan mortgage modification process can be just as difficult, but it’s worth the trouble to save your house. However, realize there are individuals who would love nothing more to profit from the loss of your home, so unless you are dealing with an accredited lender, stay vigilant.

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