Like many homeowners,
NeighborWorks America urges homeowners to avoid paying for a loan modification or to stop a foreclosure. They released a video featuring everyday people that illustrates how homeowners, like
"Homeowners could be vulnerable to a scam if they seek a loan modification from a third party, whether their mortgage is current or delinquent. Loan scam artists are relentless. We tell consumers that being asked for a payment, especially upfront, is the #1 sign of a scam," says
Loan modification scams can be difficult to spot but the top signs include:
1. A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage.
2. A company/person guarantees they can stop a foreclosure or get your loan modified.
3. A company/person advises you to stop paying your mortgage company and pay them instead.
Homeowners are encouraged to seek free assistance from a HUD-approved counseling agency. "In addition to helping homeowners seek a modification or stop foreclosure, housing counselors can determine if they may qualify for mortgage assistance programs or other types of assistance. They can refer homeowners to free or low-cost legal assistance if needed," said
To find a local HUD-approved counseling agency, speak to a housing counselor 24 hours a day or report a scam, call 888-995-HOPE (4673). Or visit LoanScamAlert.org to learn more.
The campaign web site is also available in Spanish at AlertaFraudedeHipoteca.org. Materials are also available in Chinese, Korean, Vietnamese and Haitian Creole.
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