October 31, 2019 • 4 mins
In many communities, “We Buy Houses” and “Stop Foreclosure” signs are a familiar sight. If you are a desperate homeowner unable to keep up with your mortgage, you may be tempted to call the number on a sign. Don’t. There has been a slew of con artists that have popped up in recent years who prey on homeowners looking for a home loan modification or facing foreclosure.
The worst thing you can do if you are struggling with your mortgage is hide your head in the sand. Don’t be afraid to contact your lender directly and ask for help; they may be willing to modify your loan or work with you in other ways.”
Is it a scam? Be wary of people offering help who:
If you’re facing foreclosure, you should first contact your lender directly. If you’re a Patelco member who has your mortgage elsewhere, we’re still here to talk with you about your options. While you’re considering your options, you should be aware of these popular scams so you can avoid them:
The fact that there are many con artists out there should not deter you from seeking help. The worst thing you can do if you are struggling with your mortgage is hide your head in the sand. You can get a list of HUD-approved housing counseling agencies at hud.gov. Even better, contact BALANCE – they’re HUD-approved and already partner with Patelco. Furthermore, don’t be afraid to contact your lender directly and ask for help; they may be willing to modify your loan or work with you in other ways. If your loan is with Patelco, contact us. Even if your loan isn’t with Patelco, we’ll still be glad to talk over your options with you.
If you are facing foreclosure, it is easy to be drawn in by someone offering a quick and easy fix. However, before accepting any assistance, keep in mind the familiar adage: “If it sounds too good to be true, it probably is.” If you believe that you have already been the victim of a foreclosure rescue scam, contact the Federal Trade Commission at 877.FTC.HELP and your state’s attorney general’s office.
Source: Broadridge Financial Solutions, accessed August 2, 2019.
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