How to Spot a Scam
Beware of a company or person who:
- Asks for a fee in advance to work with your lender to modify, refinance, or reinstate your mortgage.
- Guarantees they can stop a foreclosure or get your loan modified.
- Advises you to stop paying your mortgage company and pay them instead.
- Pressures you to sign over the deed to your home or sign any paperwork that you haven't had a chance to read and don't fully understand.
- Claims to offer "government approved" or "official government" loan modifications.
- Asks you to release personal financial information online or over the phone, though you have not been working with this person and/or do not know them.
How to Report a Scam
If you think you've been involved of scam, you'll want to do one of the following:
- Visit the Loan Modification Scam Prevention Network at preventloanscams.org and submit an online complaint form. You can also fax, e-mail, or mail the completed form by referring to the back of the form (the Loan Modification Scam Prevention Network is a national coalition of governmental and private organizations led by Fannie Mae, Freddie Mac, NeighborWorks America™, and the Lawyers' Committee for Civil Rights Under Law).
- Call 1-888-995-HOPE (4673) and inform the counselor about your situation and that you think you've been involved in a scam. The Homeowner's HOPE™ Hotline provides free, 24/7 comprehensive foreclosure assistance and housing counseling services.