Vulnerable homeowners facing foreclosure are being taking advantage across the nation. Homeowners should NOT pay anyone a monthly fee to delay foreclosure of a home – it might be a scam. No one can guaranteee you that they can delay the foreclosure for up to six months for a monthly fee. Anybody telling you that is probably trying to pull a scam. Also, don’t sign things unless you read and understand them first. Realtors fall under a strict code of ethics. Be sure the person you are working with is licensed and check them out before you sign anything.
The Federal Trade Commission offers some tips on how homeowners can protect themselves against Foreclosure scams. Homeowners should avoid any business that:
Guarantees to stop the foreclosure process
Advises you not to contact your lender, lawyer, or credit or housing counselor
Collects a fee before providing any services
Accepts payment only by cashier’s check or wire transfer
Encourages you to lease your home so you can buy it back over time
Tells you to make your mortgage payments directly to it, rather than to your lender
Advises you to transfer your property deed or title to it
Offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale
Offers to fill out paperwork for you
Pressures you to sign papers you haven’t had a chance to read thoroughly or that you don’t understand.
You can find more information about federal foreclosure scams and ways to reduce your risk by visiting the Federal Trade Commission website Money Matters. You can also access a wealth of information just for Texans facing mortgage difficulties on KeepMyTexasHome.org.