Scam artists are preying on the vulnerability of desperate homeowners. These scam artists identify themselves as foreclosure rescue companies or foreclosure assistance firms, and claim they can help you save your home. Instead, they make a quick profit through fees or mortgage payments they collect from you.
The Federal Trade Commission seeks to prevent fraudulent, deceptive, and unfair business practices in the marketplace and advises troubled homeowners to avoid any business that:
* guarantees to stop the foreclosure process – no matter what your circumstances.
* instructs you not to contact your lender, lawyer, or credit or housing counselor.
* collects a fee before providing you with 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 your lender.
* tells 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 paperwork you haven’t had a chance to read thoroughly or that you don’t understand.
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