Protect Yourself Against Mortgage Relief Scams: Caution!
Foreclosure Help And Solutions from Home Destinations:
Foreclosure help and solutions for homeowners on Forbearance or Repayment Plan, Mortgage Modifications, Reinstatement, short sales, or if to rent the property.
The Federal Trade Commission (FTC) has issued regulations protecting consumers against mortgage relief fraud and scams. Due to the growing number of scams that are designed to take advantage of homeowners in distress, the government wants to make sure you won’t be a victim.
The FTC is our nation’s consumer protection agency and has established a Rule to protect vulnerable homeowners in financial difficulties. The Mortgage Assistance Relief Services (MARS) Rule makes it illegal for companies to collect any fees until a homeowner has actually received an offer of relief from his or her lender and accepted it. It is very important to understand: that means even if you agree to have a financial rescue or loan Modification Company help you, you don’t have to pay until it gets you the result you want.
Greed exists in companies that say they can modify your home loan and reduce your monthly mortgage payment or offer other misconstrued steps to save your home from foreclosure. They fraudulently claim that nearly all their customers get successful loan reductions. Some even offer a money-back guarantee. Others portray they are affiliated with the government or your lender, or are speaking on behalf of one of them. Be cautious of additional empty promises of attorney help or real estate experts. Protect yourself against mortgage relief scams by reading about Home Affordable Foreclosure Alternatives.
Unfortunately, companies exist that are willing to tell you half-truths and even lie to sell their services to prevent home foreclosure. They lead you to false relief from high mortgage payments and the threat for foreclosure, but do not deliver. You could end up a cash-strapped homeowner in worse financial shape than before.
I care about what is going on with our real estate housing recovery program and how it affects your needs; I’m here to help. Be advised well. Be very careful of non-lawyers who ask you to pay a fee for counseling, loan modification, foreclosure prevention, or a "forensic audit" of your loan documents, regardless of their promises or claims. You should never pay attorneys that you do not meet.
How to Recognize a Mortgage Scam
You might be a victim of a mortgage relief scam if:
You are told you will get a federal incentive to walk away from your mortgage
You are asked to pay upfront for counseling
You are pressured to sign papers immediately
You are asked to sign your house over to a company or person who is not working
with your mortgage company
You are asked to make a mortgage payment to someone other than your mortgage company
without their approval
You are guaranteed a successful short sale or mortgage modification
They claim to be a representative of the federal government
Improvements In Mortgage Lending Practices
April reports show financial institutions are quicker to recognize activity that appears to be fraud early in the mortgage loan process. Early fraud detection often proves helpful to prevent the fraud from occurring. Demonstrating strong action, 40 percent of MLF SAR narratives indicated the filing institution turned down the subject’s loan application, short sale request, or debt elimination attempt because of the suspected fraud reported in the SAR.
The Stress And Strain Of Foreclosure Increases Homeowner Vulnerabilities
You will find that many companies target vulnerable homeowners who are facing foreclosure and sincerely trying to find means to avoid losing their home - or ruining their credit. These companies know that people who are in a perilous situation and under the stress and strain of possibly losing their home are more likely to agree to anything.
Download and read Tips To Protect Yourself Against Mortgage Relief Scams provided by The Federal Reserve Board. 
Download Hennepin County's Unfair Home Lending Practices and Predatory Mortgage Lending document.
Download the 2008 Report on Mortgage Loan Fraud, prepared by the Financial Crimes Enforcement Network
Protect Yourself Against Mortgage Relief Scams
If you are facing an unaffordable mortgage or foreclosure and need help from someone you can trust, please contact me today. Together, we can build a relationship of trust to help you make the right decision that protects your future, family and the ability to have a secure home investment.
Request your own "no obligations" FREE report on options to avoid foreclosure if you are missing mortgage payments and worried. Home Destination is passionate about helping you protect yourself against mortgage relief scams.
As a Certified Distressed Property Expert (CDPE), I am fully compliant with the FTC regulations, and want to help you avoid being taken advantage of by unscrupulous individuals or companies, as well. In fact, I’ve developed a free, detailed report that explains the warning signs of potentially fraudulent activity so you can protect yourself and the ones you love.
IMPORTANT GOVERNMENT DISCLOSURE: The brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.