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May 6th, 2009 categories: Foreclosures, Real Estate, Short Sales

FTC Cracks Down On Rescue Scams

A bit late but better than never. Peggy Twohig, the Associate Director (Division of Financial Practices) for the FTC, spoke today before the House and introduced their plan to curb the schemes of fraudulent companies taking advantage of homeowners.

Apparently over the past year there have been eleven cases brought forth against companies who have defrauded uninformed consumers. What this means to you and me is that you now have somewhere to go to find out what questions to askto verify if someone is legitimate or not. Hope Now Alliance is a good place to start to educate yourself about the process and even offers Free counseling.

Companies claiming that they can guarantee to stop any foreclosure no matter what you owe are a sham. Some of the warning signs that a “foreclosure fixer” company may be a scheme are: prepayment for services upfront or requiring mortgage payments to be made to it directly. Others go so far as to have you mail in the deed, or warn against contacting the lender directly.

If you’re at the point where you have to decide between making the mortgage payment or feeding your family then it’s time to reach out to your lender. Do this as soon as possible! Your ultimate goal is to create an agreement to alter your mortgage so you can stay in your house. Don’t be duped by these frauds and pay for services you can obtain for free.

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http://folsomlakehomes.com/2009/04/28/short-sales-impact-on-credit-scores/

http://folsomlakehomes.com/2009/04/14/california-prevention-act/

http://folsomlakehomes.com/2009/02/16/loan-modifications-vs-short-sales/

Tags: Foreclosure counseling, Foreclosure fixer companies, Foreclosure fraud, Help for homeowners

This entry was posted on Wednesday, May 6th, 2009 at 9:56 pm and is filed under Foreclosures, Real Estate, Short Sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.