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Don't get trapped in a mortgage rescue scam • Land a Business Loan
At a time when many home owners need a hand, a growing number of fraudulent foreclosure "rescue" companies are kicking them while they are down. Authorities are cracking down on these unscrupulous companies, but you can also protect yourself by learning how these scams work and where to find legitimate help.How foreclosure rescue scams work.
If you're falling behind on your mortgage, you're not alone. One in every 159 U.S. housing units received a foreclosure filing during the first quarter of 2009 – an increase of nearly 24% since the first quarter of 2008.*
Scamming companies set their snares with phony promises such as:
- "We can save your home. Free consultation."
- "We guarantee to stop your foreclosure."
But once home owners are lured in, they are trapped into an even worse financial position. Beware of these fraudulent foreclosure practices:
National Foreclosure Prevention Resources.**
- Homeownership Preservation Foundation, www.995hope.org
- Housing and Urban Development counseling services, www.hud.gov or 1.800.569.4287
- Making Home Affordable, www.MakingHomeAffordable.gov
- Phantom help. Home owners are charged exorbitant fees up front for phone calls and paperwork or services that go unfulfilled.
- Bailout. Home owners are led to believe they can "save" their home by temporarily surrendering their title and buy it back later.
- Bait and switch. Home owners sign a new mortgage without knowing they are giving up ownership yet are still responsible for repayment obligations.
Some "rescue specialists" may even offer to file bankruptcy for you as part of their scam. But bankruptcy does not automatically stop foreclosure, and it stays on your credit report for 10 years.
Legitimate help is available.
Endura Financial may be able to help you refinance your mortgage and get back on track with your payments. Our low-interest credit cards and direct deposit can help you budget and routinely save money.
Don't fall into a mortgage rescue scam trap. Contact us at 1.800.533.4004 for a helping hand you can trust.
| * | Source: RealtyTrac, April 16, 2009. |
| ** | Websites for information only. No endorsement is implied. |
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FACT #2 Currency paper is composed of 25% linen and 75% cotton.** ** WikiAnswers.com |
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