The foreclosure crisis has created a breeding ground for mortgage-rescue scammers posing as help, claiming they can modify your mortgage — guaranteed.
The catch? It will cost you $1,500 or more. The company produces no results and it often disappears with your money.
When a foreclosure-prevention company approaches you, keep in mind:
• If the company guarantees a loan modification, it’s a scam.
• If the company charges a fee for foreclosure help, it’s a scam.
Scammers prey on vulnerable homeowners. Their tactics range from fake government programs to the bait-and-switch scams that often leave homeowners worse off than they were from an impending foreclosure.
Homeowners should never pay for mortgage help, because it’s available free from HUD-certified counselors at the HomeOwnership Center of Greater Dayton (HOC).
HOC, a member of the NeighborWorks network, helps residents through face-to-face counseling, rescue loans and education.
For anti-scam tips that could save you thousands of dollars and even your home, visit LoanScamAlert.org or call the HomeOwnership Center, 937-853-1600.
Beth Deutscher
Dayton
Ms. Deutscher is executive director of HomeOwnership Center of Greater Dayton.