Beware of Mortgage Foreclosure Rescue and other Scams
By Consumer Attorney on Mar 15, 2009 in Foreclosure Rescue Scams
This interesting article published by MSN Money discusses common mortgage foreclosure rescue scams and loan scams, and others that have recently flourished due to the poor economy.
According to the article, some warning signs that you may be dealing with a mortgage foreclosure rescue scam are if the company:
- Has no telephone number or physical address.
- Has an “.org” Web site or e-mail address but isn’t a nonprofit.
- Demands a fee in advance.
- Tells you to send your mortgage payment to anyone other than your loan servicer.
- Instructs you to transfer ownership of your property.
- Makes verbal promises that aren’t put in writing.
- Asks you to sign a document that has blank lines or spaces.
- Claims to be a national company but has only one or a few local offices.
The article also list warning signs, according to the Federal Trade Commission, that a loan company may be a scam:
- A lender who isn’t interested in your credit history.
- Fees that are not clearly disclosed.
- A loan that is offered by phone.
- A lender who uses a name that sounds similar to that of a well-known organization.
- A lender who is not registered in your state.
If you are facing a mortgage foreclosure, you should contact an experienced consumer law attorney to discuss your options.
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